05-163 Salome Company reported the following

TB MC Qu. 05-163 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Units Sold at Retail May 1 Activities Beginning inventory Purchase. Units Acquired at Cost 170 units@ $10 = $1,700 240 units@ $12= $2,880 May 5 May 10 Sales 160 units@ $20 May 15 Purchase 120 units@ $13 = $1,560 May 241 Sales 110 units@ $21