Beginning inventory, purchases, and sales data for tennis rackets are as follows:

April 3	Inventory	10 units @	$19.00
11	Purchase	8 units @	$20.00
14	Sale	15 units
21	Purchase	22 units @	$23.00
25	Sale	12 units

Assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using LIFO.

Select the correct answer.

cost of goods sold $569.00 ending inventory $287.00

cost of goods sold $569.00 ending inventory $343.00

cost of goods sold $513.00 ending inventory $343.00

cost of goods sold $569.00 ending inventory $621.00

The Boxwood Company sells blankets for $35.00 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	22	$14.00
May 10	Sale	9
May 17	Purchase	40	$16.00
May 20	Sale	11
May 23	Sale	10
May 30	Purchase	23	$17.00

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

Select the correct answer.

$194

$182

$160

$150