Use the information below to answer following questions 1 to 8. The Boxwood Company sells blankets for $60 each. The following info relates to May Date May 1 Blankets Units Cost Beginning Inventory 5 $20 10 Purchase 10 $26 20 Sale 8 28 4 29 30 31 32 33 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 20 using the FIFO inventory cost method a. $178. b. $182 c. $480 d $302 34 5. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method a $152 35 36 b. $272 c. $208 37 38 39 d. Cannot determine 40 6 Assuming that the company uses the perpetual inventory system, determine the gross profit dollars for the month of May using the LIFO cost method 41 42 43 44 45 a. $272 b. $302 c. $152 d $208 46 7 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the weighted average cost method a. $168 47 48 49 50 51 52 8 53 54 55. 56 57 b. $192 c. $288 d Cannot determine Assuming that the company uses the perpetual inventory system, determine the Gross Profit for the month of May using the weighted average costing method. a $288 b. 5192 c. $168 d Cannot determine