Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 150 units @ $10 = $1,500 May 5 Purchase 220 units @ $12 = $2,640 May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 150 units @ $10 = $1,500 May 5 Purchase 220 units @ $12 = $2,640 May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 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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Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
---|---|---|---|
May 1 | Beginning inventory | 150 units @ $10 = $1,500 | |
May 5 | Purchase | 220 units @ $12 = $2,640 | |
May 10 | Sales | 140 units @ $20 | |
May 15 | Purchase | 100 units @ $13 = $1,300 | |
May 24 | Sales | 90 units @ $21 |
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