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Salmone Company reported the following purchases and sales for its only product. Salmone uses a...

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Accounting

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. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 230 units @ $18 May 5 Purchase 260 units @ $20 May 10 Sales 180 units @ $28 May 15 Purchase 140 units @ $21 May 24 Sales 130 units @ $29 Multiple Choice $5,940 $6,340 $5,740 $6,330 $5,950

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