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Cengage : CengageNOW/21 OnlX News | Dashboard × © Chegg Study l Guidec × Q Chapter 7, quiz Flash. × Q Chapter 7 Acct FlashcX + * ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch Ch 7-4 Test Use the information below to answer the following question. 3. MC.07-053 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 4. MC.07-105 5. MC.07-100 Date Blankets Purchas Sale Purchase Sale Sale Units Cost S20 10 17 20 23 30 6. MC.07-079 10 24 7. MC.07-064 10 30 8. MC.07-096 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method Ca. s120 9. MC.07-090 10. MC.07-059 b. $144 c·$136 Od. $180 11. MC.07-080 12. MC.07-054 13. MC.07-060 14. MC.07-070 15. MC.07-048 16. MC.07-081 Next Progress: 14/21 items Time Remaining: 0:59:13 All work saved. Submit Test for Grading 2:02 PM Type here to search 11/16/2017 7

Explanation / Answer

Cost of merchandise sold for May 20 = 6*24 = 144 Option B is correct

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