Use the following information to answer the following questions. The Boxwood Com
ID: 2356420 • Letter: U
Question
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.
Date Product Z Units Cost
May 3 Purchase 5 $30
May 10 Sale 3
May 17 Purchase 10 $34
May 20 Sale 6
May 23 Sale 3
May 30 Purchase 10 $40
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. $520 b. $502 c. $494 d. $422
Explanation / Answer
d. $422
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