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Assume ABC Inc. has the following information for May 2021: May 1 beginning balance 20 units at $3 per unit May 7 purchase 10 units
Assume ABC Inc. has the following information for May 2021: May 1 beginning balance 20 units at $3 per unit May 7 purchase 10 units at $3.10 per unit May 15 purchase 40 units at $3.25 per unit May 20 purchase 30 units at $3.30 per unit On May 25 sold 80 units for $6 each. What is Inventory ending balance if ABC uses the FIFO method? Select one: a. $65 b. $60 c. $62 d. $66
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