Question: May 1 Beginning inventory 20 units @ $16 7 Purchases 70 units @ $20 18 Sales 25 units 22 Purchases 40 units @ $22 29

May 1 Beginning inventory 20 units @ $16 7 Purchases 70 units @ $20 18 Sales 25 units 22 Purchases 40 units @ $22 29 Sales 10 units Using the FIFO periodic inventory system, what is Cost of Goods Sold? Select one: O a. $770 O b. $720 O c. $620 O d. $840 O e. $700

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