Question
36 j Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory
36 j Boxwood Company sells blankets for $33 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 | 5 | $16 |
| 10 | Sale | 4 | |
| 17 | Purchase | 13 | 14 |
| 20 | Sale | 5 | |
| 23 | Sale | 3 | |
| 30 | Purchase | 13 | 18 |
Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.
a.$419
b.$187
c.$318
d.$234
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
