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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 the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning inventory 190 units @ $10 = $ 1,900
May 5 Purchase 260 units @ $12 = $ 3,120
May 10 Sales 180 units @ $20
May 15 Purchase 140 units @ $13 = $ 1,820
May 24 Sales 130 units @ $21

Multiple Choice

  • $3,380

  • $3,110

  • $3,340

  • $3,500

  • $3,370

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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 the ending Inventory using FIFO. Units Sold at Retail Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 190 units @ $10 = $1,900 260 units @ $12 = $3,120 180 units @ $20 140 units @ $13 = $1,820 130 units @ $21 Multiple Choice o $3,380 o $3,110 d $3,340 $3,500 O C $3,370

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