Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	320 units @ $17
5	Purchase	305 units @ $19
10	Sales		225 units @ $27
15	Purchase	185 units @ $20
24	Sales		175 units @ $28

Multiple Choice

• $7,640

• $7,775

• $7,160

• $6,960

• $7,975