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 May 31 inventory balance using the LIFO inventory cost method.
A) $324
B) $372
C) $320
D) $364

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 May 31 inventory balance using the LIFO inventory cost method.
A) $324 
B) $372 
C) $320 
D) $364

Quizplus · Accepted Answer

Ending inventory for the month of May using LIFO = 2 units at $20 from the May 3 purchase + 1 unit at $24 from the May 17 purchase + 10 units at $30 from the May 30 purchase = $40 + $24 + $300 = $364?

Use the Information Below to Answer the Following Questions