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Question - Boxwood Company sells blankets for $36 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 03
Purchase
10
$29
May 10
Sale
3
May 17
13
$31
May 20
5
May 23
May 30
9
$33
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method.
a. $155
b. $87
c. $297
d. $93
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