FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The Boxwood Company sells blankets for $ 36.00 each. The following
was taken from the inventory records during May. The company had no
beginning inventory on May 1.
Blankets
Date
May 03
May 10
May 17
May 20
May 23
May 30
Units
9
3
13
6
3
10
$340.00
$380.00
$360.00
$300.00
Cost
$15.00
Purchase
Sale
Purchase
Sale
Sale
Purchase
$19.00
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.
Select the correct answer.
$17.00
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Transcribed Image Text:The Boxwood Company sells blankets for $ 36.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Date May 03 May 10 May 17 May 20 May 23 May 30 Units 9 3 13 6 3 10 $340.00 $380.00 $360.00 $300.00 Cost $15.00 Purchase Sale Purchase Sale Sale Purchase $19.00 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. Select the correct answer. $17.00
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