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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
195 units @ $22
May 24
185 units @ $30
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