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. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 164 units @ $10 = $1,640 May 5 Purchase 234 units @ $12 = $2,808 May 10 Sales 154 units @ $20 May 15 Purchase 114 units @ $13 = $1,482 May 24 Sales 104 units @ $21 Multiple Choice $2,772 $3,032 $2,768 $5,930 $3,162
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