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

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Accounting

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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