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 178 units @ $10 = $1,780 May 5 Purchase 248 units @ $12 = $2,976 May 10 Sales 168 units @ $20 May 15 Purchase 128 units @ $13 = $1,664 May 24 Sales 118 units @ $21 Multiple Choice
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