Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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 260 units @ $11 5 Purchase 275 units @ $13 10 Sales 195 units @ $21 15 Purchase 155 units @ $14 24 Sales 145 units @ $22 Select one: a. $4040 b. $4565 c. $4705 d. $8605 e. $3900 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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 290 units @ $14 5 Purchase 290 units @ $16 10 Sales 2 10 units @ $24 15 Purchase 170 units @ $17 24 Sales 1 60 units @ $25 Select one: a. $6250 b. $6080 c. $5510 d. $5340 e. $5900