TB MC Qu. 05-165 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 Units Acquired at Cost 190 units $14 240 units 0 $16 Units Sold at Retail Date Beginning Inventory May 1 5 Purchase 160 units @$24 Sales Purchase 10 units 0 $17 120 15 110 units e $25 Sales 24