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 240 units @ $19 5 Purchase 265 units @ $21 10 Sales 185 units @ $29 15 Purchase 145 units @ $22 24 Sales 135 units @ $30 Multiple Choice $7000 $6,240 $6,460 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 240 units @ $19 5 Purchase 265 units @ $21 10 Sales 185 units @ $29 15 Purchase 145 units @ $22 24 Sales 135 units @ $30 Multiple Choice $7000 $6,240 $6,460