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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 May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 35 May 15 Purchase May 24 Sales 100 units @ $13 - $1,300 = 140 units @ $20 90 units @ $21

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 May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 35 May 15 Purchase May 24 Sales 100 units @ $13 - $1,300 = 140 units @ $20 90 units @ $21

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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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 May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 35 May 15 Purchase May 24 Sales 100 units @ $13 - $1,300 = 140 units @ $20 90 units @ $21
Transcribed Image Text: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 May 1 Activities Beginning inventory May 5 Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 35 May 15 Purchase May 24 Sales 100 units @ $13 - $1,300 = 140 units @ $20 90 units @ $21
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