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Determine the cost of merchandise sold for the sale

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Question - 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

Reference no: EM132069443

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