Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Activities Units Sold at Retail Units Acquired at Cost 180 units e $13 Date May 1 Beginning Inventory 5 Purchase 235 units @ $15 10 Sales 155 units e $23 15 Purchase 115 units e $16 24 Sales 105 units e $24 Multiple Choice $4,165 $3,540 $4,005 $3,700 $4,060

FINANCIAL ACCOUNTING
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Author:Libby
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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 perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.
Activities
Units Acquired at Cost
180 units @ $13
235 units @ $15
Date
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
Multiple Choice
$4,165
$3,540
$4,005
$3,700
$4,060
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 the ending inventory using FIFO. Activities Units Acquired at Cost 180 units @ $13 235 units @ $15 Date 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 Multiple Choice $4,165 $3,540 $4,005 $3,700 $4,060
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