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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
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