Use this information for the month of May.

May $1$ Beginning Inventory $20$ units @$$76$

$17$ Purchase $70$ units @ $$80$

$18$ Sale $25$ units

$22$ Purchase $10$ units @ $$88$

$29$ Sale $40$ units

Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?

Question $7$Select one:

a$.$

$$2,880$

b$.$

$$5,120$

c$.$

$$5,200$

d$.$

$$2,800$