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 RetailMay 1 Beginning inventory 172 units @ $10 = $1,720 May 5 Purchase 242 units @ $12 = $2,904 May 10 Sales 162 units @ $20May 15 Purchase 122 units @ $13 = $1,586 May 24 Sales 112 units @ $21Multiple Choice$2,944$3,410$3,530$3,400$3,074