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The Boxwood Company sells blankets for $33.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $33.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date | Product T | Units | Cost |
May 03 | Purchase | 10 | $14.00 |
May 10 | Sale | 4 | |
May 17 | Purchase | 13 | $18.00 |
May 20 | Sale | 6 | |
May 23 | Sale | 3 | |
May 30 | Purchase | 10 | $24.00 |
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.
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