The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. a. $190 b. $36 c. $90 d. $68 The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records during May. The company hac no beginning inventory on May 1 . Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a. 574 b. $145 c. $131 d. $71 The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. $340 b. $255 c. $322 d. $306 The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a. 598 b. 5228 c. $56 d. $270