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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

Answer & Explanation Solved by verified expert
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