Salmone Company reported the following purchases and sales of its only product. Salmone uses aperpetual 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 320 units @ $17 5 Purchase 305 units @ $19 10 Sales 225 units @ $27 15 Purchase 185 units @ $20 24 Sales 175 units @ $28

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities...

Salmone Company reported the following purchases and sales of its only product. Salmone uses aperpetual 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	320 units @ $17
5	Purchase	305 units @ $19
10	Sales		225 units @ $27
15	Purchase	185 units @ $20
24	Sales		175 units @ $28

Jun 09, 2022

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