If salmone uses a periodic inventory system . The cost assigned to the ending inventory using FIFO is: $2,260
Cost assign to ending inventory
Now let determine or find the ending inventory :
Ending inventory cost = ( 80 units × $ 12 ) + ( 100 units × $13 )
Ending inventory cost = $ 960 + $1,300
Ending inventory cost = $ 2,260
Note that :
Purchase 220 units- Sales 140 units = 80 units
Therefore we can conclude that ending inventory is the amount of $2,260.
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The complete question is:
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.
abiolataiwo2015 avatar
Date//Activities//Units Acquired at Cost//Units Sold at Retail
May 1//Beginning Inventory//dr150 units
$10.00
5//Purchase//dr220 units $12.00
10//Sales//cr140 units $20.00
15//Purchase//dr100 units $13.00
24//Sales//cr150 units $21.00
