The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 3	Purchase	9	$14
10	Sale	5
17	Purchase	16	$14
20	Sale	4
23	Sale	2
30	Purchase	8	$19

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.

a.$502

b.$475

c.$154

The following lots of Commodity Z were available for sale during the year.

Beginning inventory	10 units at $48
First purchase	18 units at $50
Second purchase	55 units at $58
Third purchase	17 units at $57

The firm uses the periodic system, and there are 26 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?

a.$5,539

b.$1,248

c.$1,491

d.$1,280

d.$348

The following lots of Commodity Z were available for sale during the year.

Beginning inventory	8 units at $48
First purchase	17 units at $53
Second purchase	25 units at $57
Third purchase	17 units at $62

The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?

a.$1,104

b.$1,396

c.$3,764

d.$3,741