Strods Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory280 units @ $13 5Purchase285 units @ $15 10Sales 205 units @ $2315Purchase165 units @ $16 24Sales 155 units @ $24
A. $4840
B. $5715
C. $5000
D. $5555
E. $5360
Answer: B
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