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

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

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning inventory 172 units @ $10 = $1,720
May 5 Purchase 242 units @ $12 = $2,904
May 10 Sales 162 units @ $20
May 15 Purchase 122 units @ $13 = $1,586
May 24 Sales 112 units @ $21

Multiple Choice

$6,210

$2,680

$2,810

$3,530

$3,410

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