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. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory160 units @ $11 5Purchase225 units @ $13 10Sales 145 units @ $2115Purchase105 units @ $14 24Sales 95 units @ $22
A. $3240
B. $3355
C. $2940
D. $2800
E. $3215
Answer: B
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