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 Units Sold at Retail Units Acquired at Cost 170 units @ $10 = $ 1,700 240 units @ $12 = $ 2,880 Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales 160 units @ $20 120 units @ $13 = $ 1,560 110 units $21 Multiple Choice O $3,480 o $2,660 O O $3,350 O $2,790 $3,360 O A company has net sales of $384,000 and its gross profit is $161,500. Its cost of goods sold is: Multiple Choice $384.000. $161,500 O O O $201.000. O $222,500. O $545,500. Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Units Sold at Retail Date August 1 August 3 August 6 Activities Beginning inventory Purchase Sales Units Acquired at Cost 10 units @ $36 = $360 20 units @ $38 = $760 12 units sold Multiple Choice $416. O $380. O O $436. $452 O $414. O