Indigo Ltd Uses the FIFO Assumption with the Periodic Inventory

Multiple Choice

Indigo Ltd uses the FIFO assumption with the periodic inventory method.
Units Unit Total
Cost cost
Beginning inventory 12 $10 $120
Purchase 10 $12 $120
Purchase 6 $11 $66
Sales during year were 16 units. What was the value assigned to the closing stock of this item at the end of the period?

A) $66
B) $120
C) $138
D) $144