Question
In: Accounting
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.
|
||||||||||||||||||||||||||||||
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 agoRelated Solutions
1. Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
1. Salmone Company reported the following purchases and sales of
its only product. Salmone uses a periodic 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 160 units @ $11 5 Purchase 225 units @ $13 10
Sales 145 units @ $21 15 Purchase 105 units @ $14 24 Sales 95 units
@ $22 Multiple Choice $3,215 $3,355 $6,155 $2,940 $2,800
2.
Salmone...
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
210 units @ $16
5
Purchase
250 units @ $18
10
Sales
170 units @ $26
15
Purchase
130 units @ $19
24
Sales
120 units @ $27
What is the correct answer?
Multiple Choice
$5,530
$4,800
$5,340...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...
Salmone Company reported the following purchases and sales of
its only product. Salmone uses a periodic 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
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 ending inventory using LIFO.
DateActivitiesUnits Acquired at CostUnits Sold at Retail
May 1Beginning Inventory340 units @ $19
5Purchase315 units @ $21
10Sales 235 units @ $29
15Purchase195 units @ $22
24Sales 185 units @ $30
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 160 units @ $11
May 5 Purchase 225 units @ $13
May 10 Sales 145 units @ $21
May 15 Purchase 105 units @ $14
May 24 Sales 95 units @ $22
Select one:
a. $3215
b. $3240...
6) Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
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...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...
Salmone Company reported the following purchases and sales of
its only product. Salmone uses a periodic 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
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
97. Salmone Company reported the following purchases and sales for its only product. Salmone uses a...
97. Salmone Company reported the following purchases and sales
for its only product. Salmone uses a periodic inventory system.
Determine the cost assigned to cost of goods sold using LIFO.
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
66. A company had the following purchases during...
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 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
Multiple Choice
$2,980
$2,460
$2,850
$2,590
$5,440
32. Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
32. 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
220 units @
$17
5
Purchase
255 units @
$19
10
Sales
175 units @
$27
15
Purchase
135 units @
$20
24
Sales
125 units @ $28
55. Valeria Company reported the following purchases and...
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