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 1. Date May 3 10 17 20 23 30 Blankets a. $36 b. $72 c. $228 d. $60 Purchase Sale Purchase Sale Sale Purchase Units 10 3 14 4 2 12 Cost $20 $18 $19 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. 2 Next

The Boxwood Company selis blankets for $40 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. 536 b. $72 c. 5228 d. 560