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Determine the cost of goods sold for the sale of may

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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            11              $14
10 Sale                         5
17 Purchase                    9             $15
20 Sale                          8
23 Sale                           3
30 Purchase                    12              $23

Problem 1: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.

a.$118
b.$190
c.$204
d.$114

Reference no: EM132659694

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