Solution-Determine the cost assigned to the ending inventory

Determine the cost assigned to the ending inventory

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Reference no: EM133051334

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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Determine the cost assigned to the ending inventory

Reference no: EM133051334

Reference no: EM133051334

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