Question

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	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	150 units @ $10.00
5	Purchase	220 units @ $12.00
10	Sales		140 units @ $20.00
15	Purchase	100 units @ $13.00
24	Sales		90 units @ $21.00

Answer 1

FIFO		PURCHASES			COST OF GOODS SOLD			INVENTORY BALANCE
DATE	PARTICULAS	NO. OF UNITS	COST PER UNIT	PURCHASES	NO. OF UNITS SOLD	COST PER UNIT	COGS	NO. OF UNITS	COST PER UNIT	INVENTORY
01-May	beg inventory							150	10	1500
05-May	purchase	220	12	2640				150	10	1500
								220	12	2640
10-May	sales				140	10	1400	10	10	100
								220	12	2640
15-May	purchase	100	13	1300				10	10	100
								220	12	2640
								100	13	1300
24-May	sales				10	10	100	140	12	1680
					80	12	960	100	13	1300
31-May	ending	320		3940	230		2460	240		2980

the cost assigned to the cost of goods sold using FIFO.

230 units @ 2640$

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