The Boxwood Company sells blankets for $60 each. The following was taken from the inventory...
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Accounting
The Boxwood Company sells blankets for $60 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 | 5 | $20 |
| 10 | Sale | 3 |
|
| 17 | Purchase | 10 | $24 |
| 20 | Sale | 6 |
|
| 23 | Sale | 3 |
|
| 30 | Purchase | 10 | $30 |
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.
Choices~
A) $120
B) $180
C) $136
D) $144
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