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

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Accounting

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail

May 1 Beginning Inventory 160 units @ $11

May 5 Purchase 225 units @ $13

May 10 Sales 145 units @ $21

May 15 Purchase 105 units @ $14

May 24 Sales 95 units @ $22

Select one:

a. $3215

b. $3240

c. $2940

d. $3355

e. $2800

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