Question
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
May 3 Purchase 5 units $20
May 10 Sale 3 units
May 17 Purchase 10 units $24
May 20 Sale 6 units
May 23 Sale 3 units
May 30 Purchase 10 units $30
Assuming that the company uses the perpetual inventory system, determine the ending inventory value at May 30 using the FIFO inventory cost method.
A. $364
B. $320
C. $324
D. $372
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Financial Accounting And Reporting A Global Perspective
Authors: Herv Stolowy, Yuan Ding
5th Edition
1473740207, 978-1473740204
