EX$\mathrm{.}07\mathrm{.}180.$ALGO $($Algorithmic$)$

Beginning inventory, purchases, and sales data for tennis rackets are as follows:

EX$\mathrm{.}07\mathrm{.}198$

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item.

MC$\mathrm{.}07\mathrm{.}72.$ALGO $($Algorithmic$)$

Boxwood Company sells blankets for $$34$ each. The following was taken from the inventory records during May. The company had no beginning inventory on May $1.$

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$.$ $$405$

b$.$ $$315$

c$.$ $$192$

d$.$ $$240$