The Boxwood Company sells blankets for $34.00 each. The following was taken from

Question

The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Product T Units Cost May 03 Purchase 7 $18.00 May 10 Sale 4 May 17 Purchase 14 $14.00 May 20 Sale 5 May 23 Sale 2 May 30 Purchase 12 $22.00 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the Lifo inventory cost method. Select the correct answer. a. $462.00 b. $416.00 c. $170.00 d. $586.00

Explanation / Answer

a. $462.00

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