A company purchases inventory as shown:
|
Date |
Units |
Cost of each |
Cost of purchase |
|
January 1 |
20 |
$3.00 |
$60.00 |
|
January 6 |
20 |
$2.80 |
$56.00 |
|
January 12 |
20 |
$2.70 |
$54.00 |
|
January 26 |
20 |
$2.50 |
$50.00 |
|
January 29 |
20 |
$2.50 |
$50.00 |
|
Totals |
100 |
$270.00 |
If the company sells 80 of the units at $3.50 each, what is the cost of goods sold using the FIFO cost assumption?
a. $220
b. $210
c. $216
d. $215
e. $270
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