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 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 154 units @ $10= $1,540 224 units@ $12= $2,688 104 units@ $13= $1,352 Units Sold at Retail 144 units@ $20 94 units@ $21