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Wood Company sells blankets for S60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May
Wood Company sells blankets for S60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Units May 3 10 Cost $20 5 3 17 Blankets Purchase Sale Purchase Sale Sale Purchase 10 6 $24 20 23 30 3 10 $30 47. Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. S364 b. 5372 c. S324 d. S320 48) The following units of an inventory item were available for sale during the year. Use this information to (1pts) answer the following questions. Beginning inventory 10 units at $55 First purchase 25 units at S60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. 48. The ending inventory cost using FIFO is a. S1,250 b. S1,350 c. $1,375 d. S1,150
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