Question

Calculator Printem Boxwood Company sells blankets for $36 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 03 Purchase $18 10 Sale Purchase $16 20 23 Sale Sale 30 Purchase 15 Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. Ca. 5490 C. $682 Oc. 8264 d. $330

Answer 1

Answer Option A

	Purchases			Sales			Balance
Date	Units	Rate	Amount	Units	Rate	Amount	Units	Rate	Amount
May-03	6	$    18.00	$ 108.00				6	$    18.00	$ 108.00
May-10				4	$    18.00	$    72.00	2	$    18.00	$    36.00
May-17	15	$    16.00	$ 240.00				2	$    18.00	$    36.00
							15	$    16.00	$ 240.00
May-20				2	$    18.00	$    36.00
				3	$    16.00	$    48.00	12	$    16.00	$ 192.00
May-23				2	$    16.00	$    32.00	10	$    16.00	$ 160.00
May-30	15	$    22.00	$ 330.00				10	$    16.00	$ 160.00
							15	$    22.00	$ 330.00
Total				11		$ 188.00	25		$ 490.00