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of goods sold using FIFO.

of goods sold using FIFO.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 May 5 May 10 May 15 May 24 Multiple Choice O O Activities Beginning inventory Purchase Sales Purchase Sales $3,006 $2,504 $2,876 Units Acquired at Cost 152 units @ $10 = = $1,520 222 units@ $12 = $2,664 102 units @ $13 = $1,326 Units Sold at Retail 142 units @ $20 92 units @ $21
Transcribed Image Text:Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 May 5 May 10 May 15 May 24 Multiple Choice O O Activities Beginning inventory Purchase Sales Purchase Sales $3,006 $2,504 $2,876 Units Acquired at Cost 152 units @ $10 = = $1,520 222 units@ $12 = $2,664 102 units @ $13 = $1,326 Units Sold at Retail 142 units @ $20 92 units @ $21
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