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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
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 | Purchase | 9 | $14 |
| 10 | Sale | 4 | |
| 17 | Purchase | 11 | $18 |
| 20 | Sale | 6 | |
| 23 | Sale | 3 | |
| 30 | Purchase | 11 | $21 |
Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method.
a. $108
b. $56
c. $54
d. $231
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