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 Cost of Goods Sold (COGS) using the FIFO method?

Select one:

a. $320

b. $254

c. $260

d. $221

Clear my choice