TB MC Qu$.165($Algo$)$ Salmone Company reported the following...

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 $260$ units @ $$11$

May $5$ Purchase $275$ units @ $$13$

May $10$ Sales $195$ units @ $$21$

May $15$ Purchase $155$ units @ $$14$

May $24$ Sales $145$ units @ $$22$

Multiple Choice

$$4,040$

$$4,565$

$$4,030$

$$4,575$

$$3,900$