Given the Following Information, Use the FIFO Method to Calculate

Multiple Choice

Given the following information, use the FIFO method to calculate the value of the inventory at the end of the month. $\begin{array} {ll}\text {Beginning Inventory} &\text {35 cases @ \$20/case}\\\text {Purchases}&20 cases@\text {\$22/case}\\\text {Ending Inventory }&\text {25 cases}\\\end{array}$

A) $500
B) $540
C) $550
D) $640