Question
The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
| Date | Blankets | Units | Cost |
| May 3 | Purchase | 7 | $16 |
| 10 | Sale | 5 | |
| 17 | Purchase | 16 | $18 |
| 20 | Sale | 7 | |
| 23 | Sale | 2 | |
| 30 | Purchase | 9 | $21 |
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.$116
b.$158
c.$122
d.$206
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The Human Resource Function Audit
Authors: Peter Reilly, Marie Strebler, Polly Kettley
1st Edition
0955970776, 978-0955970771
