Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system.

Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 186 units @ $10 = $1,860 May 5 Purchase 256 units @ $12 = $3,072 May 10 Sales 176 units @ $20 May 15 Purchase 136 units @ $13 = $1,768 May 24 Sales 126 units @ $21

Multiple Choice

$6,700

$2,820

$2,950

$3,880

$3,760