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Compute the cost of goods sold for the sale of May

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Question - The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date

Blankets

Units

Cost

May 3

Purchase

7

$19

May 10

Sale

4

 

May 17

Purchase

9

$17

May 20

Sale

5

 

May 23

Sale

3

 

May 30

Purchase

10

$22

Assuming that the company uses the perpetual inventory system, compute the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.

Reference no: EM133055582

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