Solution-Determine the cost of goods sold for the month of

Determine the cost of goods sold for the month of may

Reference no: EM132178773

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.

Date	Blankets	Units	Cost
May 3	Purchase	5	$20
May 10	Sale	3
May 17	Purchase	10	$24
May 20	Sale	6
May 23	Sale	3
May 30	Purchase	10	$30

Assuming that the company uses the perpetual inventory system, determine the COST OF GOODS SOLD for the month of May using the LIFO inventory cost method.

a. $364

b. $300

C. $268

d. $276

Reference no: EM132178773

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Determine the cost of goods sold for the month of may

Reference no: EM132178773

Reference no: EM132178773

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