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. Date May 1 May 5 May 10 May 15 Activities Beginning inventory Purchase Sales Purchase May 24 Sales Units Acquired at Cost 168 units $10 = $1,680 238 units $12 = $2,856 Units Sold at Retail 158 units $20 118 units @ $13 = $1,534 108 units $21 Multiple Choice $3,214 $2,856 $6,070 5.001