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The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May The company had no beginning inventory on
The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May The company had no beginning inventory on May 1. Date Blankets Units Cost $14 May 03 Purchase 10 Sale 3 17 Purchase $18 12 20 Sale 23 Sale 3 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. $292 $191 $382 $472
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