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

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A: Correct option is d.$56

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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.