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Determine the may inventory balance using the fifo inventory

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Reference no: EM132933137

The Boxwood Company sells blankets for $40 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        9                   $14
10                 Sale             3
17               Purchase       12                  $18
20                   Sale            4
23                   Sale            3
30                 Purchase        12                   $21

Problem 1: Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.

a. $414
b. $483
c. $450
d. $322

Reference no: EM132933137

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