Smith Company had the following purchases and sales of its only product. Smith uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Units Sold at Retail Units Acquired at Cost 280 units @ $13 285 units @ $15 Date May 1 May 5 May 10 May 15 May 24 Activities Beginning Inventory Purchase Sales Purchase Sales 205 units @ $23 165 units @ $16 155 units @ $24 $7,460 $4,990 $3,960 $4,163 $6,140