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.

DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning inventory156 units @ $10 = $1,560 May 5Purchase226 units @ $12 = $2,712 May 10Sales 146 units @ $20May 15Purchase106 units @ $13 = $1,378 May 24Sales 96 units @ $21

Multiple Choice

$3,058

$2,592

$2,928

$2,668

$5,650