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. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory260 units @ $11 5Purchase275 units @ $13 10Sales 195 units @ $2115Purchase155 units @ $14 24Sales 145 units @ $22
A. $4565
B. $3900
C. $4575
D. $4040
E. $4030
Answer: C
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