The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory or Date Blankets Units Cost Purchase 7 $14 3 Purchase 15 $15 May 3 10 17 20 23 Sale 30 Sale Sale- 4 2 Purchase 9 $23 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. 1402 Ob. $330 Oc. $300 Od. $506 The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory or Date Blankets Units Cost May 31 10 17 20 23 Purchase 40 $19 16 Sale Purchase- Sale Sale 24 28 1 $21 30 Purchase 34 $22 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. Oa. $15 Ob. $456 Oc. 121 Od. $540 The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no beginning inventory on May Date Blankets Units Cost Purchase 9 $14 Sale Purchase Sale Sale May 3 10 17 20 23 52 30 $17 4 3 Purchase 8 $23 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Oa. 5483 Ob. $325 Oc. 1514 Od. $189