Problem
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 May 31 inventory balance using the FIFO inventory cost method.