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Use the information below to answer the following questions. Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during

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Use the information below to answer the following questions. 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. Cost $20 Date Blankets Units Purchase Sale Purchase Sale Sale Purchase May 3 10 17 20 23 30 10 24 10 30 70. Assuming that the company uses the perpetual inventory system sold for the sale of May 20 using the LIFO inventory cost method a. $136 6 s144 c. $180 d. $120 71. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method. a. $120 b. $180 $136 d. $144 72. Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. a. $364 $372 c. $324 d. $320 73. 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. @ $108 b. $120 c. $72 d. $180 74. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method a. $324 b. $372 c. $320 d $364

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