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The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on
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The Boxwood Company sells blankets for $33 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 8 $14 10 Sale 3 17 Purchase 11 $18 20 Sale 4 23 Sale 2 30 Purchase 11 $24
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.$574
b.$150
c.$424
d.$456
The Boxwood Company sells blankets for $33 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 | 8 | $14 |
| 10 | Sale | 3 | |
| 17 | Purchase | 11 | $18 |
| 20 | Sale | 4 | |
| 23 | Sale | 2 | |
| 30 | Purchase | 11 | $24 |
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.$574
b.$150
c.$424
d.$456
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