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56) Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on
56) Boxwood Company sells blankets for $32 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 03 | Purchase | 5 | $17 |
| 10 | Sale | 3 | |
| 17 | Purchase | 15 | $19 |
| 20 | Sale | 4 | |
| 23 | Sale | 3 | |
| 30 | Purchase | 15 | $20 |
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.
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