ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20 On May 3, ABC sells 55 units of this product. Using the FIFO (first-in, first-out) cost flow assumption, what COGS should ABC recognize for the May 3 sale of 55 units?

O 277.50

O 275 50

@ 276