Question
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
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 | $15 |
| 10 | Sale | 3 | |
| 17 | Purchase | 10 | $16 |
| 20 | Sale | 4 | |
| 23 | Sale | 3 | |
| 30 | Purchase | 11 | $18 |
Determine the May 31 inventory balance using the FIFO inventory costing method.
a. $360
b. $342
c. $300
d. $320
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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne Mowen
2nd Edition
0538864451, 978-0538864459
