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. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory260 units @ $11 5Purchase275 units @ $13 10Sales 195 units @ $2115Purchase155 units @ $14 24Sales 145 units @ $22
A. $4040
B. $4705
C. $8605
D. $4565
E. $3900
Answer: B
Business
You might also like to view...
Customer departmentalization works well because it emphasizes monitoring and responding to changes in customers' need.
Answer the following statement true (T) or false (F)
Business
Which of the following reasons for buying a business is also a reason for purchasing a franchise?
A. Reduction of uncertainty B. Acquiring goodwill C. Bargain price D. Quick start
Business
Explain the importance of service recovery
Business
Analytical decision maker rely exclusively on their intuition or hunches to make decisions
Indicate whether the statement is true or false
Business