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The Boxwood Company sells blankets for $39 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $39 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 $14 10 Sale 17 Purchase 15 $17 20 Sale Sale 23 30 Purchase $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. $87 Ob. $144 c. $99 d. $172
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