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Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Cost $15 Date May 3 10 17 20 23 30 Purchase Sale Oa. 1196 Ob. 1122 Oc. 1241 Od. 1134 Purchase Sale Sale Units 11 4 16 8 3 Purchase 12 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. $17 27

Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Cost $15 Date May 3 10 17 20 23 30 Purchase Sale Oa. 1196 Ob. 1122 Oc. 1241 Od. 1134 Purchase Sale Sale Units 11 4 16 8 3 Purchase 12 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. $17 27

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Cost $15 Date May 3 10 17 20 23 30 Purchase Sale Oa. 1196 Ob. 1122 Oc. 1241 Od. 1134 Purchase Sale Sale Units 11 4 16 8 3 Purchase 12 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. $17 27
Transcribed Image Text:Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Cost $15 Date May 3 10 17 20 23 30 Purchase Sale Oa. 1196 Ob. 1122 Oc. 1241 Od. 1134 Purchase Sale Sale Units 11 4 16 8 3 Purchase 12 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. $17 27
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