1. 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. $120

B. $180

C. $136

D. $144

2. Assuming the the company uses the perpetual inventory system determine the inventory value for the month of May using the Fifo inventory cost method.

A. $364

B. $372

C. $324

D. $320

Blankets. Units. Cost
May 3. Purchase. 5. $20

10. Sale. 3.
17. Purchase. 10. $24
20. Sale. 6
23. Sale. 3
30. Purchase. 10. $30

Answer rating: 100% (QA)

1 Correct option C136 Thus the cost of goods sold o... View the full answer