Determine the gross profit for the sale of may

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Question - Boxwood Company sells blankets for $30 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 03

Purchase

6

$19

10

Sale

4


17

Purchase

9

$17

20

Sale

5


23

Sale

3


30

Purchase

9

$23

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. $39

b. $90

c. $41

d. $141

Reference no: EM133185767

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