Question Content Area 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. Date Blankets Units Cost May 3 Purchase 8 $20 10 Sale 5 17 Purchase 14 $18 20 Sale 6 23 Sale 3 30 Purchase 10 $21 Determine the May 31 inventory balance using the LIFO inventory costing method. a.$262 b.$462 c.$622 d.$360

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. $262 b. $462 c. $622 d. $360