Cengage : CengageNOW/21 OnlX News | Dashboard × © Chegg Study l Guidec × Q Chapt

Question

Cengage : CengageNOW/21 OnlX News | Dashboard × © Chegg Study l Guidec × Q Chapter 7, quiz Flash. × Q Chapter 7 Acct FlashcX + * ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch Ch 7-4 Test 7. MC.07-064 Use the information below to answer the following question. 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 8. MC.07-096 9. MC.07-090 Date Blankets Units Cost Purchas Sale Purchase Sale Sale S20 10. MC.07-059 10 17 20 23 30 10 24 11. MC.07-080 10 30 12. MC.07-054 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. $372 Cb. $320 13. MC.07-060 14. MC.07-070 C.$364 15. MC.07-048 16. MC.07-081 17. MC.07-093 Od. $324 18. MC.07-072 19. MC.07-082 20. MC.07-102 21. MC.07-071 Next Progress: 18/21 items Time Remaining: 0:57:41 All work saved. Submit Test for Grading 2:04 PM Type here to search 11/16/2017 7

Explanation / Answer

Cost of ending inventory =(10*30)+(3*24)= 372 Option A is correct

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