Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. \begin{tabular}{lllc|} \hline \multicolumn{1}{l}{} & \multicolumn{1}{c}{ Activities } & Units Acquired at Cost & Units Sold at Retail \\ May 1 & Beginning inventory & 168 units @ $10=$1,680 & \\ May 5 & Purchase & 238 units @ $12=$2,856 & \\ May 10 & Sales & 118 units @ $13=$1,534 & 158 units @ $20 \\ May 15 & Purchase & & 108 units @ $21 \\ May 24 & Sales & & \end{tabular}