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.
DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning inventory188 units @ $10 = $1,880 May 5Purchase258 units @ $12 = $3,096 May 10Sales 178 units @ $20May 15Purchase138 units @ $13 = $1,794 May 24Sales 128 units @ $21
Multiple Choice
$3,296
$3,810
$3,930
$3,800
$3,426
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