TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Beginning inventory Purchase Date May 1 May 5 May 10 Sales May 15 Purchase May 24 Sales 112 units $13 = Units Acquired at Cost 162 units $10 - $1,620 232 units @$12 = $2,784 $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21 Multiple Choice