Boxwood Company sells blankets for $40 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. Date Blankets Units Cost May 3 10 17 20 23 30 Purchase a $42 Ob. $70 O $95 C Od $230 Sale Purchase Sale Sale 8 Purchase 5 13 5 3 $23 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. $19 10 $14

4. 310 C. 1+5 4. 140 Boxwood Company sells blankets for $40 each. The following information was taken from the invento Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a. $42 b. 570 c. 595 d. $230