Use the Following Information to Answer the Following Questions

question 132

Multiple Choice

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

• A) $494
• B) $502
• C) $422
• D) $520

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Definitions:

Service Chamber

In the context of vehicle braking systems, a service chamber is part of the air brake system that houses a diaphragm which pushes the rod to apply the brakes when air pressure is supplied.

Slack Adjuster

A device in a braking system used for adjusting the brakes to compensate for wear.

Service Diaphragm

A flexible membrane in a device or pump that moves in response to pressure changes, used in various applications including brakes.

Treadle Valve

A treadle valve regulates air pressure in a pneumatic system, often found in heavy vehicles like trucks and buses, controlling braking force by the amount of pressure applied by the driver's foot.