22) Salmene Company reported the following purchases and sales for its only product. Salmone uses...
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22) Salmene Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities May 1 Beginning Inventory Purchase May 5 Units Acquired at Units Sold at Cost Retail 150 units @ $10.00 220 units @ $12.00 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 Sales May 10 May 15 Purchase May Sales 24 A) $2,860 B) $2,460 C) $2,590 D) $2,850 E) $2,980
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