Item3

Time Remaining 16 minutes 39 seconds

00:16:39

Item 3

Time Remaining 16 minutes 39 seconds

00:16:39

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	190 units @ $10 = $ 1,900
May 5	Purchase	260 units @ $12 = $ 3,120
May 10	Sales		180 units @ $20
May 15	Purchase	140 units @ $13 = $ 1,820
May 24	Sales		130 units @ $21

Multiple Choice

$3,850

$2,860

$3,980

$2,990

$3,860