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The Boxwood Company sells blankets for $31 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 9 $16 Sale Purchase 15 $15 5 2 10. 17 20 23 Sale Sale 30 Purchase 11 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method O 5441 Ob $450 Ⓒc $375 O & 5525

The Boxwood Company sells blankets for $31 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 9 $16 Sale Purchase 15 $15 5 2 10. 17 20 23 Sale Sale 30 Purchase 11 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method O 5441 Ob $450 Ⓒc $375 O & 5525

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Date: Blankets Units Cost Purchase 9 $18 May 3 10. 17 20 30 Sale Ⓒ$375 O & 3525 Purchase Sale Sale 3 15 5 2 $15 Purchase 11 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. O 5441 Ob $450
Transcribed Image Text:The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Date: Blankets Units Cost Purchase 9 $18 May 3 10. 17 20 30 Sale Ⓒ$375 O & 3525 Purchase Sale Sale 3 15 5 2 $15 Purchase 11 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. O 5441 Ob $450
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