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Use the Information Below to Answer the Following Questions

Question 14

Multiple Choice

Use the information below to answer the following questions.
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.
Use the information below to answer the following questions. 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. ​ ​ -Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. A) $364 B) $372 C) $324 D) $320 ​
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-Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.


A) $364
B) $372
C) $324
D) $320

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