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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. 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. 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
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. 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
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