3 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units sold at Retail May 1 Beginning inventory 310 units @ $16 5 Purchase 300 units @ $18 10 Sales 220 units & $26 15 180 units @ $19 24 Sales 170 units @ $27 5 ats Purchase 00:33:16