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 May 1 May 5 Activities Beginning inventory Purchase Units Acquired at Cost 174 units @ $10 $1,740 244 units @ $12 = $2,928 Units Sold at Retail May 10 Sales 164 units @ $20 May 15 Purchase 124 units @ $13 = $1,612 May 24 Sales 114 units @ $21 Multiple Choice $3.118 $3.450 $2.988