Strods Company reported the following purchases and sales of its only product. Strods uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory270 units @ $12 5Purchase280 units @ $14 10Sales 200 units @ $2215Purchase160 units @ $15 24Sales 150 units @ $23
A. $5050
B. $4510
C. $4360
D. $4840
E. $5200
Answer: C
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