Boxwood Company sells blankets for $36 each. The following information was taken from the inventory records...
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Boxwood Company sells blankets for $36 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 7 $16 10 Sale 3 17 Purchase 13 $18 20 Sale 7 23 Sale 2 30 Purchase 11 $23 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. Boxwood Company sells blankets for $36 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 7 $16 10 Sale 3 17 Purchase 13 $18 20 Sale 7 23 Sale 2 30 Purchase 11 $23 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method.
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