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

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

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 220 units @ $17
May 5 Purchase 255 units @ $19
May 10 Sales 175 units @ $27
May 15 Purchase 135 units @ $20
May 24 Sales 125 units @ $28

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