Winter Ltd. uses FIFO to cost its inventory. The following information is available for Winter's inventory of product # 101:

Beginning inventory:120 units @ $3.14 per unit

March 1:Purchase of 250 units @ $3.50 per unit

April 10:Sale of 100 units @ $5.10 per unit

Assuming Winter uses the perpetual inventory system, the second entry to account for the April 10 sale is

a) debit Cost of Goods Sold and credit Inventory, $350.

b) debit Cost of Goods Sold and credit Purchases, $350.

c) debit Cost of Goods Sold and credit Inventory, $314.

d) debit Cost of Goods Sold and credit Purchases, $314.