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 periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 Units Acquired at Cost 210 units @ $16 250 units @ $18 5 Beginning Inventory Purchase Sales Purchase Sales 10 15 24 170 units @ $26 130 units @ $19 120 units $27
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