Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory
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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 cost of goods sold using FIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 310 units @ $16 | |
5 | Purchase | 300 units @ $18 | |
10 | Sales | 220 units @ $26 | |
15 | Purchase | 180 units @ $19 | |
24 | Sales | 170 units @ $27 | |
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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