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The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory...

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Accounting

The Boxwood Company sells blankets for $34.00 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 32 $10.00
May 10 Sale 13
May 17 Purchase 38 $12.00
May 20 Sale 16
May 23 Sale 11
May 30 Purchase 25 $13.00

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

Select the correct answer.

$248

$190

$132

Answer & Explanation Solved by verified expert
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