Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 152 units @ $10 = $1,520 222 units @ $12 = $2,664 Units Sold at Retail May 10 Sales 142 units @ $20 May 15 Purchase 102 units @ $13 = $1,326 May 24 Sales 92 units @ $21 Multiple Choice $3,006 $5,510 $2,504 $2,900 $2,634

FINANCIAL ACCOUNTING
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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 the ending inventory using FIFO.
Date
May 1
Activities
Beginning inventory
May 5
Purchase
Units Acquired at Cost
152 units @ $10 = $1,520
222 units @ $12 = $2,664
Units Sold at Retail
May 10
Sales
142 units @ $20
May 15
Purchase
102 units @ $13 = $1,326
May 24
Sales
92 units @ $21
Multiple Choice
$3,006
$5,510
$2,504
$2,900
$2,634
Transcribed Image Text:Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 152 units @ $10 = $1,520 222 units @ $12 = $2,664 Units Sold at Retail May 10 Sales 142 units @ $20 May 15 Purchase 102 units @ $13 = $1,326 May 24 Sales 92 units @ $21 Multiple Choice $3,006 $5,510 $2,504 $2,900 $2,634
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