Question

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual...

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 310 units @ $16
5 Purchase 300 units @ $18
10 Sales 220 units @ $26
15 Purchase 180 units @ $19
24 Sales 170 units @ $27

Multiple Choice

$7,380

$7,040

$6,400

$6,590

$7,190

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