The Boxwood Company sells blankets for $31.00 each. The following was taken from inventory records during May.
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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.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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