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.
A)$2,980
B)$5,440
C)$2,460
D)$2,850
E)$2,590

Question

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. 
A)$2,980 
B)$5,440 
C)$2,460 
D)$2,850 
E)$2,590

Quizplus · Accepted Answer

The FIFO (First-In, First-Out) method assigns the cost of the oldest inventory items to the cost of goods sold and the cost of the newest items to the ending inventory. Without specific inventory purchase and sale details, we can't calculate the exact amount. However, given the options, the correct answer is chosen based on the information provided in the question.

Salmone Company Reported the Following Purchases and Sales of Its