Question

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

Answer 1

Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per cost of Goods # of Units Goods # of Cost Per Ending # of Units Unit Available for sales sold Cost Per Unit Sold Units Unit Inventory 160 11.00 1760 160 11 1760 0 11 Beginning onventory Purchases May-05 May-15 Totals 13.00 80 13 13 225 105 490 14 2925 1470 6155 14 1040 0 2800 145 105 250 14 1885 1470 3355 240 Answer : $2800