Check m Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic Inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 May 5 Activities Beginning inventory Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice $2,460

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic Inventory system. Determine the cost assigned to cost
of goods sold using FIFO.
Date
May 1
May 5
Activities
Beginning inventory
Purchase
Units Acquired at Cost
150 units @ $10 = $1,500
220 units @ $12 = $2,640
Units Sold at Retail
ook
May 10
Sales
140 units @ $20
rint
May 15
Purchase
100 units @ $13 = $1,300
May 24
Sales
rences
90 units @ $21
Multiple Choice
$2,460
$2,860
Transcribed Image Text:02 (CH 05-11) Saved Help Save & Exit S Check my w Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic Inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 May 5 Activities Beginning inventory Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail ook May 10 Sales 140 units @ $20 rint May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales rences 90 units @ $21 Multiple Choice $2,460 $2,860
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