Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic 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 270 units @ $12 5 Purchase 280 units @ $14 10 Sales 200 units $22 15 Purchase 160 units @ $15 24 Sales 158 units $23 Multiple Choice