MC Qu. 162 Salmone Company reported... 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 May 1 Activities Units Acquired at Cost Units Sold at Retail Beginning Inventory 190 units @ $14 5 Purchase 248 units @$16 18 Sales 160 units @ $24 15 Purchase 120 units @ $17 24 Sales 110 units @ $25 Mr Multiple Choice $4,600 $4,500 $3.940 $4.310 $4.430