hapter 6 Review 2021 The Boxwood Company sells blankets for $60 cach. The following was taken from the inventory records during May. The company had no beginning inventory on May 1, Date Blankets Units Cost Purchase Sale Purchase May 3 10 $20 17 10 $24 Sale Sale Purchase 20 6 23 3 30 $30 10 17. Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a. $120 b. $180 c $136 d. $144 18 Inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the