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Determine the gross profit for the sale

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Question - The Boxwood Company sells blankets for $34 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

39

$11

May 10

Sale

16

 

May 17

Purchase

25

$13

May 20

Sale

27

 

May 23

Sale

1

 

May 30

Purchase

22

$14

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

a. $21

b. $253

c. $13

d. $305

Reference no: EM133065308

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