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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 the ending

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 170 units @ $10= $1,700
May 5 Purchase 240 units @ $12= $2,880
May 10 Sales 160 units @ $20
May 15 Purchase 120 units @ $13= $1,560
May 24 Sales 110 units @ $21
Multiple Choice
$3,240
$2,900
$3,110
$2,850
$3,120

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