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The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory
The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost Date May 3 Purchase 40 $11 10 Sale 16 17 Purchase 31 $13 20 Sale 28 23 Sale 2 30 Purchase 35 $14 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a. $36 b. $264 c. $26 d. $316
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