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Determine the cost assigned to the ending inventory

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Question - 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

340 units @ $19

 

May 5

Purchase

315 units @ $21

 

May 10

Sales

 

235 units @ $29

May 15

Purchase

195 units @ $22

 

May 24

Sales

 

185 units @ $30

Reference no: EM133051334

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