Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records...

 

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Boxwood Company sells blankets for $31 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 9 $15 10 Sale 5 17 Purchase 13 $17 20 Sale 5 23 Sale 3 30 Purchase B $19 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. Boxwood Company sells blankets for $31 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 9 $15 10 Sale 5 17 Purchase 13 $17 20 Sale 5 23 Sale 3 30 Purchase B $19 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method.