Question
The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $33 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 | $14 |
| 10 | Sale | 4 | |
| 17 | Purchase | 10 | $16 |
| 20 | Sale | 5 | |
| 23 | Sale | 2 | |
| 30 | Purchase | 8 | $23 |
Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.
a.$32
b.$56
c.$184
d.$80
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The Only Tax Audit Guide Youll Ever Need
Authors: Janet M. Sydlaske, Richard K. Millcroft
1st Edition
0471510769, 978-0471510765
