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In preparing a perpetual inventory card using first-in, first-out assume that you have inventory with the following cost date: 6 units @ $10 purchased on
| In preparing a perpetual inventory card using first-in, first-out assume that you have inventory with the following cost date: 6 units @ $10 purchased on Jan. 1 and 10 units @ $11 purchased on Jan. 15. You sell 5 units for a retail sales amount of $20 each, what would be the cost of merchandise sold for these 5 units? | |
A.$50
B.$55
C.$100
D. $120
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