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almone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using FIFO.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
230 units @ $18
5
Purchase
260 units @ $20
10
Sales
180 units @ $28
15
Purchase
140 units @ $21
24
Sales
130 units @ $29
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