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 May 1.
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.
Date | Blankets | Units | Cost |
May 3 | Purchase | 5 | $20 |
10 | Sale | 3 | |
17 | Purchase | 10 | $24 |
20 | Sale | 6 | |
23 | Sale | 3 | |
30 | Purchase | 10 | $30 |
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method.
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Accounting Multicolumn Journal
Authors: Claudia Gilbertson
10th Edition
128552845X, 9781285528458
