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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 210 units @ $16 5 Purchase 250 units @ $18 10 Sales 170 units @ $26 15 Purchase 130 units @ $19 24 Sales 120 units @ $27 Multiple Choice $4,800 $5,440 $5,530 $5,340 $4,990