Boxwood Company sells blankets for 32 each The following was

Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory an May 1 Date Blankets Units Cost May 03 $16 10 17 Purchase $18 20 23 12 $23 30 Assuming that the uses the perpetual inventory system, ??, $276 Ob. $221 ??. s474 Od. $366 (Pre

Solution

The Correct answer is Option d - $366

Calculation:

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Date	Transaction	Unit	Rate	Cost
3-May	Purchase	5	$    16.00	$    80.00
10-May	Sale	-4	$    16.00	$ (64.00)
17-May	Purchase	12	$    18.00	$ 216.00
20-May	Sale	-1	$    16.00	$ (16.00)
		-4	$    18.00	$ (72.00)
23-May	Sale	-3	$    18.00	$ (54.00)
30-May	Purchase	12	$    23.00	$ 276.00
Ending Inventory	17		$ 366.00