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Salmone Company reported the following purchases and sales of its only product. Salmone uses a...

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Accounting

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

The answer choices are: 11590, 5340, 6080, 5510, and 6250image

Units Sold at Retail Date May 1 Units Acquired at Cost 290 units @ $14 290 units @ $16 5 Activities Beginning Inventory Purchase Sales Purchase Sales 10 210 units @ $24 15 170 units @ $17 24 160 units @ $25

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