The Boxwood Company sells blankets for $ 36.00 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 03 |
Purchase |
9 |
$20.00 |
| May 10 |
Sale |
4 |
|
| May 17 |
Purchase |
13 |
$18.00 |
| May 20 |
Sale |
5 |
|
| May 23 |
Sale |
3 |
|
| May 30 |
Purchase |
12 |
$24.00 |
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.