The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during

Question:

The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Blankets Date Units Cost May 3 Purchase $20 Sale 10 3 Purchase $24 17 10 Sale 20 6. Sale 23 3 Purchase $30 30 10

Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.
a) $364
b) $372
c) $324
d) $320

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...