Salmone Company Reported the Following Purchases and Sales of Its

Multiple Choice

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. $\begin{array}{|r|l|c|c|}\hline\text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { May 1 } & \text { Beginning Inventory } & 150 \text { units @ } \$ 10.00 & \\\hline 5 & \text { Purchase } & 220 \text { units @ } \$ 12.00 & \\\hline 10 & \text { Sales } & & 140 \text { units @ } \$ 20.00 \\\hline 15 & \text { Purchase } & 100 \text { units@ } \$ 13.00 & \\\hline 24 & \text { Sales } && 90 \text { units@ } \$ 21.00\\\hline \end{array}$

A) $2,860
B) $2,590
C) $2,850
D) $2,460
E) $2,980