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.

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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