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Use the information below to answer the following questions. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records

Use the information below to answer the following questions. 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

Units

Cost

May 3

Purchase

5

$20

10

Sale

3

17

Purchase

10

$25

20

Sale

6

23

Sale

3

30

Purchase

10

$30

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.

Select one:

a.

$365

b.

$372

c.

$320

d.

$364

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