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Question
Use this information 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.
Date Blankets Units Cost
May 3 Purchase 5 $20
10 Sale 3
17 Purchase 10 24
20 Sale 6
23 Sale 3
30 Purchase 10 30
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.
a. $324
b. $372
c. $320
d. $364
Answer
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