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.

-Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.
A) $136
B) $144
C) $180
D) $120

Question

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.
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-Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.
A) $136 
B) $144 
C) $180 
D) $120

Quizplus · Accepted Answer

The cost of goods sold for the sale of May 20 using LIFO = 6 units at $24 from the May 17 purchase = $144?

Use the Information Below to Answer the Following Questions