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.

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.

May $1$ Beginning inventory $172$ units @ $$10=$ $$1,720$

May $5$ Purchase $242$ units @ $$12=$ $$2,904$

May $10$ Sales $162$ units @ $$20$

May $15$ Purchase $122$ units @ $$13=$ $$1,586$

May $24$ Sales $112$ units @ $$21$