Salmone Company Reported the Following Purchases and Sales of Its

question 102

Multiple Choice

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.
$$\begin{array} { | c | l | l | l | } \hline \text { Date } & { \text { Activities } } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { May 1 }&\text {Beginning Inventory } & 150 \text { units @ } \$ 10.00 & \\\hline 5& \text { Purchase } & 220 \text { units @ } \$ 12.00 & \\\hline 10& \text { Sales } & & 140 \text { units @ \$20.00 } \\\hline 15 &\text { Purchase } & 100 \text { units @ } \$ 13.00 & \\\hline 24& \text { Sales } & & 90 \text { units @ \$21.00 } \\\hline\end{array}$$

• A) $2,980
• B) $2,460
• C) $2,850
• D) $2,590
• E) $2,860

---

Definitions:

Sustainable Products and Services

Goods and services designed with a focus on reducing negative impacts on the environment or society over their entire lifecycle.

Consumer Concerns

Issues or worries that consumers have regarding product safety, quality, ethics, and sustainability among other factors influencing their purchasing decisions.

Sustainable Innovation

The development of new products, processes, or services that meet present needs without compromising the ability of future generations to meet their needs, often with a focus on environmental sustainability.

Eco-Friendly Products

Goods produced in a way that is not harmful to the environment, often made with sustainable practices and materials.