The inventory data for an item for November are: Nov. 1 Inventory 16 units at $25 4 Sale 9 units 10 Purchase 32 units at $27 17 Sale 23 units 30 Purchase 22 units at $29 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $846 Ob. $832 Oc. $1,021 Od. $1,070 Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 5 $15 10 Sale 4 17 Purchase 9 16 20 Sale 4 23 Sale 2 30 Purchase 9 18 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. $113 Ob. $177 Oc. $273 Od. $225 If the cost of an item of inventory is $50 and the current replacement cost is $64, the amount included in inventory according to the lower-of-cost-or-market method is Da. 814 Ob. $50 Oc. $114 Od. $64