Simone 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 Date Activities Units Sold at Retail teginning inventory May 1 May 5 Units Acquired at Cost 172 units@ $10-$1,720 242 units@ $12= $2,904 Purchase Sales May 20 162 units@ $20 May 15 Purchase 122 units @ $13 $1,586 May 24 Sales 112 units@ $21 Mutiple Choice b $1.2606 12,944