question archive The Boxwood Company sells blankets for $32 each
The Boxwood Company sells blankets for $32 each
Subject:BusinessPrice: Bought3
The Boxwood Company sells blankets for $32 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 8 $18 10 Sale 3 17 Purchase 13 $17 20 Sale 4 23 Sale 3 30 Purchase 11 $23 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. O a. $506 Ob. $374 O c. $440 O d. $396
