Question

6) 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	190 units @ $14
5	Purchase	240 units @ $16
10	Sales		160 units @ $24
15	Purchase	120 units @ $17
24	Sales		110 units @ $25
7)Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 260 units @ $11 5 Purchase 275 units @ $13 10 Sales 195 units @ $21 15 Purchase 155 units @ $14 24 Sales 145 units @ $22 8)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 160 units @ $11 5 Purchase 225 units @ $13 10 Sales 145 units @ $21 15 Purchase 105 units @ $14 24 Sales 95 units @ $22 9) A company had beginning inventory of 11 units at a cost of $9 each on March 1. On March 2, it purchased 11 units at $16 each. On March 6 it purchased 5 units at $16 each. On March 8, it sold 25 units for $59 each. Using the FIFO perpetual inventory method, what was the cost of the 25 units sold? 10) A company’s inventory records report the following in November of the current year: Beginning November 1 4 units @ $5 Purchase November 2 11 units @ $7 Purchase November 12 7 units @ $9 On November 8, it sold 13 units for $35 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?

Answer 1

Answer to Question 6:

Cost of Ending Inventory = $4,600

Answer to Question 7:

Cost of Ending Inventory = $4,110