The Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	160 units @ $11
5	Purchase	225 units @ $13
10	Sales		145 units @ $21
15	Purchase	105 units @ $14
24	Sales		95 units @ $22

Multiple Choice

• $3,355

• $2,800

• $3,215

• $2,940

• $6,155

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