TB MC Qu. 05-163 (Algo) Salmone Company reported the following... Help Save & 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 Activities Units Acquired at Cost May 1 Beginning inventory Units Sold at Retail 152 units May 5 Purchase 222 units $10 - $1,520 $12 - $2,664 May 10 Sales 142 units @ $20 May 15 Purchase 102 units $13 - $1,326 May 24 Sales 92 units @ $21 Multiple Choice $2,504 $2,910