Imone 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 Beginning Inventory Units Acquired at Cost 190 units $14 240 units$16 Units Sold at Retail Date May 1 5 Purchase 10 Sales 15 Purchase 24 Sales 160 units $24 120 units@ $17 110 units $25 Multiple Choice $3,940 $4,500 $4,600 $4,430 $4,110