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

DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning inventory178 units @ $10 = $1,780 May 5Purchase248 units @ $12 = $2,976 May 10Sales 168 units @ $20May 15Purchase128 units @ $13 = $1,664 May 24Sales 118 units @ $21

Multiple Choice

$3,344

$3,076

$3,214

$2,954

$3,224