The Boxwood Company sells blankets for $31.00 each. The following was taken from inventory records during May. The company had no beginning inventory on May 1.

Date	Product Z	Units	Cost
May 1	Balance	7	$16.00
May 10	Sale	5
may 17th	Balance	13	$17.00
May 20th	Sale	7
may 23	Sale	2
May 30	Balance	12	$19.00

Assuming the company uses the perpetual inventory system, determine the cost of goods sold for the May 20 sale using the FIFO inventory cost method.

Answer rating: 100% (QA)

To determine the cost of goods sold for the May 20 sale using the FIFO FirstIn FirstOut inventory ... View the full answer