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 May 1 5 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost Units Sold at Retail 340 units @ $19 315 units @ $21 235 units @ $29 195 units @ $22 185 units & $30 24 o o o Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost Units Sold at Retail 280 units @ $13 285 units @ $15 205 units @ $23 165 units @ $16 155 units & $24 Multiple Choice C) $4840 C) $5.000 o $5360 Prev 1 of 8 Next >