Use the following information to answer the following questions. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. Date Product Z Units Cost May 3 Purchase 5 $30 May 10 Sale 3 Purchase 10 $34 Sale 6 May 23 Sale 3 May 30 Purchase 10 $40 May 17 May 20 12. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. a. $196 b. $204 c. $240 d. $124 13. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the average inventory cost method. $250 $160 $200 d. $204 a. b. c. 14. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the FIFO inventory cost method. $264 $502 $400 d. $790 a. b. c. 3