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The Boxwood Company sells blankets for $32.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $32.00 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 03 Purchase 8 $16.00
May 10 Sale 4
May 17. Purchase 12 $18.00
May 20 Sale 4
May 23 Sale. 2
May 30 Purchase 8 $23.00
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Select the correct answer.
$528.00
$172.00
$356.00
$460.00
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