Problem:
A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they purchased 10 units at $13 per unit. On August 12, they purchased 20 units at $14 per unit. On August 15, they sold 30 units.
Required:
Question: Using the FIFO perpetual inventory method, what is the value of the inventory on August 15 after the sale?
a. $140
b $160
c. $210
d. $380
e. $590
Note: Explain all steps comprehensively.