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.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	150 units @ $10.00
5	Purchase	220 units @ $12.00
10	Sales		140 units @ $20.00
15	Purchase	100 units @ $13.00
24	Sales		90 units @ $21.00

Multiple Choice

• $2,590

• $2,460

• $2,850

• $2,980

• $5,440

• 2. Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.

  Date	Activities	Units Acquired at Cost	Units Sold at Retail
  May 1	Beginning Inventory	150 units @ $10.00
  5	Purchase	220 units @ $12.00
  10	Sales		140 units @ $20.00
  15	Purchase	100 units @ $13.00
  24	Sales		90 units @ $21.00

  Multiple Choice

• $2,590

• $2,460

• $2,860

• $2,580