Find the cost assigned to cost of goods sold using fifo

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Problem 1: Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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 330 units @ $18

5       Purchase  310 units @ $20

10      Sales 230 units @ $28

15      Purchase190 units @ $21

24       Sales 180 units @ $29

Reference no: EM132999136

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