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

question 164

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 ending inventory value for the month of May using the FIFO inventory cost method.

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

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Definitions:

Nominal Data

Data classified into categories that cannot be ordered in a meaningful way, used in qualitative analysis.

Chi-squared Goodness-of-fit

A statistical test that measures how well observed data fit an expected distribution in categorical data.

Contingency Table

A Contingency Table is a type of table in a matrix format that displays the frequency distribution of the variables. It's used in statistics to analyze the association between two or more variables.

Nominal Data

Data classified into categories that cannot be ordered in any meaningful way.