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 240 units @ $19 5 Purchase 265 units @ $21 10 Sales 185 units @ $29 15 Purchase 145 units @ $22 24 Sales 135 units @ $30

Multiple Choice $6,240 $7,000 $13,315 $7,075