Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 9 $16 10 Sale 3 17 Purchase 12 $17 20 Sale 7 23 Sale 2 30 Purchase 10 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. a.$167 b.$118 c.$113 d.$215

Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. a. $167 b. $118 c. $113 d. $215