$2850 and $2590 are also options

Date 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. Activities Units Acquired at cost Units sold at Retail May 1 Beginning inventory 150 units e $10 - $1,500 May 5 Purchase 220 units e $12 - $2,640 May 10 Sales 140 units & $20 May 15 Purchase 100 units & $13 - $1,300 May 24 Sales 90 units $21 Multiple Choice $2.460 $2.860 $2.980