Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	230 units @ $18
5	Purchase	260 units @ $20
10	Sales		180 units @ $28
15	Purchase	140 units @ $21
24	Sales		130 units @ $29

Answer rating: 100% (QA)

Ans Total sale 240units 190 430 units As per FIFO policy the items which are firs... View the full answer