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Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on

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Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Determine the May 31 inventory balance using the LIFO inventory costing method. a. $380 b. $503 c. $247 d. $256

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