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. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Units Acquired at Cost 170 units @ $10 = $1,700 240 units @ $12 = $2,880 Units Sold at Retail Sales Purchase 120 units @ $13 = $1,560 Sales 160 units @ $20 110 units @ $21
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. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Units Acquired at Cost 170 units @ $10 = $1,700 240 units @ $12 = $2,880 Units Sold at Retail Sales Purchase 120 units @ $13 = $1,560 Sales 160 units @ $20 110 units @ $21
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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