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Determine the gross profit for the month

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Reference no: EM132203959

Use the information below to answer the following question.

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.

3Purchase5$2010Sale3 17Purchase102420Sale6 23Sale3 30Purchase1030

Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method.

  • $452
  • $356
  • $444
  • $348

Reference no: EM132203959

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