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 the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 170 units @ $10 = $1,700 May 5 Purchase 240 units @ $12 = $2,880 May 10 Sales 160 units @ $20 May 15 Purchase 120 units @ $13 = $1,560 May 24 Sales 110 units @ $21
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