Use this information to answer the questions that follow. Boxwood Company sells blankets for $60 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date May 3 $324 O $372 O $320 10 O $364 17 20 23 30 Purchase Sale Blankets Purchase Sale Sale Purchase Units 5 3 10 6 3 10 Cost Determine the May 31 inventory balance using the LIFO inventory costing method. $20 $24 $30 4 pts

Use this information to answer the questions that follow Boxwood Company sells blankets for $60 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Determine the May 31 inventory balance using the LIFO inventory costing method. $324 $372 $320 $364