The Boxwood Company sells blankets for $60 each.The following was taken from the inventory records during May.The company had no beginning inventory on May 1.

Date

Blankets

# of Units

Unit Cost

May3

Purchase

5

$20

10

Sale

3

17

Purchase

10

$24

20

Sale

6

23

Sale

3

30

Purchase

10

$30

1.Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the month of May using the LIFO inventory cost method and the FIFO method.