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.

DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning inventory162 units @ $10 = $ 1,620 May 5Purchase232 units @ $12 = $ 2,784 May 10Sales 152 units @ $20May 15Purchase112 units @ $13 = $ 1,456 May 24Sales 102 units @ $21

Multiple Choice

$3,160

$2,580

$2,710

$3,150

$3,280