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Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of

Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic 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 160 units @ $10 = $1,600
May 5 Purchase 230 units @ $12 = $2,760
May 10 Sales 150 units @ $20
May 15 Purchase 110 units @ $13 = $1,430
May 24 Sales 100 units @ $21

A.) $2,690

B.) $3,100

C.) $2,680

D.) $3,110

E.) $2,580

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