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 Activities Units Acquired at Cost 180 units @ $13 235 units @ $15 Units Sold at Retail May 1 Beginning Inventory 5 Purchase 10 Sales 155 units @ $23 15 Purchase 115 units @ $16 24 Sales 105 units @ $24
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 Activities Units Acquired at Cost 180 units @ $13 235 units @ $15 Units Sold at Retail May 1 Beginning Inventory 5 Purchase 10 Sales 155 units @ $23 15 Purchase 115 units @ $16 24 Sales 105 units @ $24
Chapter1: Financial Statements And Business Decisions
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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
Activities
Units Acquired at Cost
180 units @ $13
235 units @ $15
Units Sold at Retail
May 1
Beginning Inventory
Purchase
10
Sales
155 units @ $23
15
Purchase
115 units @ $16
24
Sales
105 units @ $24
Multiple Choice
$4.165
$7705
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Transcribed Image Text:Multiple Choice
$4,165
$7705
$3,540
$4,005
$3,700
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