Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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 | 190 units @ $14 | |
5 | Purchase | 240 units @ $16 | |
10 | Sales | 160 units @ $24 | |
15 | Purchase | 120 units @ $17 | |
24 | Sales | 110 units @ $25 |
Cost of goods available | Cost of goods sold | |||||
Units | Unit cost | Total | Units | Unit cost | Total | |
May 1 | 190 | 14 | 2660 | 190 | 14 | 2660 |
May 5 | 240 | 16 | 3840 | 80 | 16 | 1280 |
May 15 | 120 | 17 | 2040 | 0 | 17 | 0 |
Total | 550 | 8540 | 270 | 3940 | ||
Cost of goods sold using FIFO = 3940 |
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 cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 320 units @ $17 5 Purchase 305 units @ $19 10 Sales 225 units @ $27 15 Purchase 185 units @ $20 24 Sales 175 units @ $28
Strods Company reported the following purchases and sales of its only product. Strods 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 190 units @ $14 5 Purchase 240 units @ $16 10 Sales 160 units @ $24 15 Purchase 120 units @ $17 24 Sales 110 units @ $25
Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using FIFO. Units sold at Retail Units Acquired at Cost 160 units @ $11 225 units @ $13 Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 145 units $21 105 units @ $14 95 units @ $22 Multiple Choice $2.800 o $3,240 o О $3,355 o $3,215...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 320 units @ $17 305 units @ $19 Date May 1 May 5 May 10 May 15 May 24 Activities Beginning Inventory Purchase Sales Purchase Sales 225 units @ $27 185 units @ $20 175 units @ $28 Multiple Choice $6.960 $7640 0...
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 220 units @ $17 5 Purchase 255 units @ $19 10 Sales 175 units @ $27 15 Purchase 135 units @ $20 24 Sales 125 units @ $28 Multiple Choice $7,660 $3,780 $6,800 $4,185 $5,450
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. Week 6 Chapter 6 Quiz Help Save & Exit 15 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. Units Sold at Retail Units Acquired at Cost 200 units @ $15 245 units...
5-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. Units Sold at Retail Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00
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 Units Sold at Retail Units Acquired at Cost 300 units@$15 295 units@$17 Activities Date May 1 Beginning Inventory Purchase 215 units $25 Sales 10 175 units $18 Purchase 15 165 units $26 Sales 24
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 210 units @ $16.00 5 Purchase 250 units @ $18.00 10 Sales 170 units @ $26.00 15 Purchase 130 units @ $19.00 24 Sales 120 units @ $27.00 a.$2,260 b.$3,180 c.$1,860 d.$3,580 e.$2,100
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. Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units @ $20 Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales 230 units @ $28 190 units @ $21 180 units @ $29 Multiple Choice $8,260 $8,380 $7,540 $8,590 O $7750 $7,750