The Boxwood Company sells blankets for $ 32.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date Product Z Units Cost
May 01 Purchase 9 $15.00
May 10 Sale 5
May 17 Purchase 11 $17.00
May 20 Sale 6
May 23 Sale 3
May 30 Purchase 10 $21.00
Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.
(A) $177.00
(B) $162.00
(C) $94.00
(D) $98.00
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