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
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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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