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Determine the cost of merchandise sold for the sale of May

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Problem - 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

May 10

Sale

3

May 17

Purchase

10

$24

May 20

Sale

6

May 23

Sale

3

May 30

Purchase

10

$30

Required - 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: EM132452420

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