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. Units Date May 3 10 17 20 23 Blankets 30 Purchase Sale Purchase Sale Sale 10 Purchase 5 10 5 3 12 Cost $16 $22 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. O a. $42 O b. $80 O c. $264 O d. $70 $14

Boxwood Company sells blankets for $40 each. The following information was taken from the inventory records during May. The company had no beginning inventocy on M 1. Boxwood unes a perpetual inventory system. Determine the cost of goods sold for the sale of May 20 using the Uifo inventory costing method. 52 c. 5364 4. 370