Salmone Company reported the following purchases and sales of its only product.
ID: 2575745 • Letter: S
Question
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
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
320 units @ $17
5
Purchase
305 units @ $19
10
Sales
225 units @ $27
15
Purchase
185 units @ $20
24
Sales
175 units @ $28
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
320 units @ $17
5
Purchase
305 units @ $19
10
Sales
225 units @ $27
15
Purchase
185 units @ $20
24
Sales
175 units @ $28
Explanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Bal. May1 320 17 5440 320 17 5440 Purchase 5-May 305 19 5795 80 19 1520 225 19 4275 15-May 185 20 3700 185 20 3700 TOTAL 810 14935 400 410 7975 Ending Inventory: $ 7975
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