Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. 8 00:59:32 Date Activities Units Acquired at Cost May 1 Beginning inventory 176 units @ $10 = $1,760 May 5 Purchase 246 units @ $12 = $2,952 May 10 Sales May 15 Purchase 126 units @ $13 = $1,638 May 24 Sales Units Sold at Retail 166 units @ $20 116 units @ $21