A company’s inventory records report the following: Salmone Company reported the following purchases and sales of...

A company’s inventory records report the following:

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	240 units @ $19
5	Purchase	265 units @ $21
10	Sales		185 units @ $29
15	Purchase	145 units @ $22
24	Sales		135 units @ $30

On August 15, it sold 58 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

Solutions

Expert Solution

Cost of ending inventory after August15 sale = $ 5,857

Working

FIFO
Total Units Available for sale		650
Units Sold (185+135+58)		378
Closing Stock in Units		272

Valuation
Ending Inventory	145	@	$ 22.00	$ 3,190
	127	@	$ 21.00	$ 2,667

Value Of Ending Inventory				$ 5,857

ekkarill92 answered 2 years ago

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