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

 

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Units Sold at Retail Activities Units Acquired at Cost May 1 Beginning inventory 152 units @ $10 = $1,520 May 5 Purchase 222 units @ $12 $2,664 = May 10 Sales 142 units @ $20 May 15 Purchase 102 units @ $13 = = $1,326 May 24 Sales 92 units @ $21

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