Question
The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $34.00 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 03 | Purchase | 37 | $13.00 |
| May 10 | Sale | 15 | |
| May 17 | Purchase | 32 | $15.00 |
| May 20 | Sale | 19 | |
| May 23 | Sale | 9 | |
| May 30 | Purchase | 28 | $16.00 |
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.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
