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.   Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 178 units @ $10 = $1,780   May 5 Purchase 248 units @ $12 = $2,976   May 10 Sales   168 units @ $20 May 15 Purchase 128 units @ $13 = $1,664   May 24 Sales   118 units @ $21 Mutiple Choice: $3,076   $3,560   $3,680   $3,550   $3,206

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Q: Dengar

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.