TB MC Qu. 05-163 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 Activities Units Acquired at Cost Units Sold at Retail May 5 Beginning inventory Purchase 190 units @ $10 = $1,900 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21