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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 188 units @ $10= $ 1,880

May 5 Purchase 258 units @ $12= $ 3,096

May 10 Sales 178 units @ $20

May 15 Purchase 138 units @ $13= $ 1,794

May 24 Sales 128 units @ $21


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