A company sells boxes of candy for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
A company sells boxes of candy for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Blankets
Units
Cost
May 3
Purchase
5
$20
10
Sale
3
17
Purchase
10
$24
20
Sale
6
23
Sale
3
30
Purchase
10
$30
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method.
a.$180
b.$120
c.$136
d.$144
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