Use the Information Below to Answer the Following Questions ?
-Assuming That the Company Uses the Perpetual Inventory System

question 45

Multiple Choice

Use the information below to answer the following questions.

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.
$$\begin{array} { | c | l | c | c | } \hline \text { Date } & { \text { Blankets } } & \text { Units } & \text { Cost } \\\hline \text { May } 3 & \text { Purchase } & 5 & \$ 20 \\\hline 10 & \text { Sale } & 3 & \\\hline 17 & \text { Purchase } & 10 & 24 \\\hline 20 & \text { Sale } & 6 & \\\hline 23 & \text { Sale } & 3 & 30 \\\hline 30 & \text { Purchase } & 10 & \\\hline\end{array}$$ ?
-Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method.

• A) $120
• B) $180
• C) $136
• D) $144

---

Definitions:

Trait Theories

Theories in psychology that focus on the identification and measurement of specific, consistent personality characteristics.

Unconscious Processes

Mental activities beyond conscious awareness that influence thoughts, feelings, and behaviors.

Projective Measures

Personality tests that examine unconscious processes by having people interpret ambiguous stimuli.

Reticular Activating System

A network of neurons located in the brainstem that is crucial for regulating wakefulness and sleep-wake transitions.