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D 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 May 1 May 5 Activities Beginning inventory Purchase Sales May 10 May 15 Purchase May 24 Sales Units Acquired at Cost 168 units @ $10 - $1,690 238 units $12-$2,856 Units Sold at Retail 118 units $13-$1,534 108 units @ $21 158 units @ $20 Multiple Choice O $6,070 О $3,300 $3,214 $2,856 82.000 Multiple Choice $6,070 $3,300 O $3,214 $2,856 $2,986

D 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 May 1 May 5 Activities Beginning inventory Purchase Sales May 10 May 15 Purchase May 24 Sales Units Acquired at Cost 168 units @ $10 - $1,690 238 units $12-$2,856 Units Sold at Retail 118 units $13-$1,534 108 units @ $21 158 units @ $20 Multiple Choice O $6,070 О $3,300 $3,214 $2,856 82.000 Multiple Choice $6,070 $3,300 O $3,214 $2,856 $2,986

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D 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 May 1 May 5 Activities Beginning inventory Purchase Sales May 10 May 15 Purchase May 24 Sales Units Acquired at Cost 168 units @ $10 - $1,690 238 units $12-$2,856 Units Sold at Retail 118 units $13-$1,534 108 units @ $21 158 units @ $20 Multiple Choice O $6,070 О $3,300 $3,214 $2,856 82.000
Transcribed Image Text:D 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 May 1 May 5 Activities Beginning inventory Purchase Sales May 10 May 15 Purchase May 24 Sales Units Acquired at Cost 168 units @ $10 - $1,690 238 units $12-$2,856 Units Sold at Retail 118 units $13-$1,534 108 units @ $21 158 units @ $20 Multiple Choice O $6,070 О $3,300 $3,214 $2,856 82.000
Multiple Choice $6,070 $3,300 O $3,214 $2,856 $2,986
Transcribed Image Text:Multiple Choice $6,070 $3,300 O $3,214 $2,856 $2,986
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