The Boxwood Company sells blankets for $33 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 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the
The Boxwood Company sells blankets for $33 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 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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The Boxwood Company sells blankets for $33 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 | 10 |
$18 |
| 10 | Sale | 4 | |
| 17 | Purchase | 12 |
$16 |
| 20 | Sale | 4 | |
| 23 | Sale | 2 | |
| 30 | Purchase | 12 |
$22 |
Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.
a.$64
b.$32
c.$72
d.$264
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