Stock Valuation:

Date	Receipts
May 2010	Qty	Total cost
2	200	$44,000
10	400	$100,000
15	300	$78,000

Date	Sales
May 2010	Qty	Sales price
7	300 units	$210,000
14	400 units	$284,000
17	350 units	$252,000

The tables above represent data relating to Product X for the month of May 2009. On April 30, 2009 the company had on hand 200 units of the product valued at $200 each.

Using the fifo method of inventory valuation, the total cost of sales for May 7 would be:

Select one:

a.

$62,000

b.

$64,000

c.

$63,000

d.

$40,000