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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

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 164 units @ $10 = $ 1,640
May 5 Purchase 234 units @ $12 = $ 2,808
May 10 Sales 154 units @ $20
May 15 Purchase 114 units @ $13 = $ 1,482
May 24 Sales 104 units @ $21

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