The Boxwood Company sells blankets for $ 36.00 each. The following was taken from the...
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Accounting
The Boxwood Company sells blankets for $ 36.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 01
Balance
8
$14.00
May 10
Sale
5
May 17
Balance
11
$18.00
May 20
Sale
8
May 23
Sale
2
May 30
Balance
12
$20.00
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.
Select the correct answer.
$132.00
$214.00
$186.00
$124.00
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