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Determine the ending inventory value for the month of May

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Question - Boxwood Company sells blankets for $39 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 3Purchase 5 $20

10 Sale 3 17

Purchase 11 17

20 Sale 4 23

Sale 3 30

Purchase 11 19

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. $433

b. $311

c. $167

d. $209

Reference no: EM132860827

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