Question
3. The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory
3. The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date Blankets Units Cost May 3 Purchase 10 $16
10 Sale 5 17 Purchase 10 $18
20 Sale 6 23 Sale 3 30 Purchase 8 $20
Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.
4. The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date Blankets Units Cost May 3 Purchase 10 $16
10 Sale 5 17 Purchase 10 $18
20 Sale 6 23 Sale 3 30 Purchase 8 $20
Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.
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