QUESTION 14 A company begins operations on May 1. Purchases and sales for the month of May for the company was follows (this information pertains to questions 14 and 15): 25 $125 May 9 May 15 Totals: 50 14 26 Assume the company uses a periodic LIFO (last in, first out) inventory system. What is the company's cost of good $3,070 A $2,540 O $2,705 O $3,235 QUESTION 14 A company begins operations on May 1. Purchases and sales for the month of May for the company Date Units purchased Price (per unit) May 1 Units Sold 10 $100 May 3 15 $110 May 5 12 May 9 25 $125 May 15 14 Totals: 50 26 Assume the company uses a periodic LIFO (last in, first out) inventory system. What is the co O $3,070 O $2,540 O $2,705 O $3,235