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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 Sales Purchase Sales Multiple Choice $3,474 $3,296 $3,344 $3,084 $3,354 Units Acquired at Cost 188 units @ $10 = $1,880 258 units @ $12 = $3,096 138 units@ $13= $1,794 Units Sold at Retail 178 units@ $20 128 units @ $21 4

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 Sales Purchase Sales Multiple Choice $3,474 $3,296 $3,344 $3,084 $3,354 Units Acquired at Cost 188 units @ $10 = $1,880 258 units @ $12 = $3,096 138 units@ $13= $1,794 Units Sold at Retail 178 units@ $20 128 units @ $21 4

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 Sales Purchase Sales Multiple Choice $3,474 $3,296 $3,344 $3,084 $3,354 Units Acquired at Cost 188 units @ $10 = $1,880 258 units@ $12 = $3,096 138 units@ $13 = $1,794 Units Sold at Retail 178 units @ $20 128 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 Sales Purchase Sales Multiple Choice $3,474 $3,296 $3,344 $3,084 $3,354 Units Acquired at Cost 188 units @ $10 = $1,880 258 units@ $12 = $3,096 138 units@ $13 = $1,794 Units Sold at Retail 178 units @ $20 128 units @ $21
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