Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual...

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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 goods sold using LIFO. Date May 1 Activities Beginning inventory Purchase May 5 May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 180 units @ $10 = $ 1,800 250 units @ $12 = $ 3,000 Units Sold at Retail 170 units @ $20 130 units $13 = $ 1,690 120 units $21 Multiple Choice $2,890 $2,760 $3,730 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 Beginning inventory Purchase May 5 May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 180 units @ $10 = $ 1,800 250 units @ $12 = $ 3,000 Units Sold at Retail 170 units @ $20 130 units $13 = $ 1,690 120 units $21 Multiple Choice $2,890 $2,760 $3,730