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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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