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

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Accounting

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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 cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units & $12.00 10 Sales 140 units @ $20.00 15 Purchase 100 units & $13.00 24 Sales 90 units @ $21.00 Multiple Choice $2,980 $2,590 Multiple Choice $2,980 $2,590 $2,850 $5,440 $2,460

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