The Boxwood Company sells blankets for $40 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 $14 10     Sale 4   17     Purchase 15 $18 20     Sale 8   23     Sale 2   30     Purchase 8 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a.$200 b.$228 c.$136 d.$120

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Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

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Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Option 1 is the Correct Answer i.e $102.

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A: FIFO : FIRST IN FIRST OUT METHOD  UNDER FIFO METHOD INVENTORY ACQUIRED FIRST ARE SOLD FIRST .

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Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Correct option is d.$56

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Formula: Total cost = Number of units x Cost per unit

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: FIFO (First-in-First Out): As per FIFO method, units purchased first are sold first.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.