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Determine the cost of merchandise sold for the sale of May

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Question - Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May.  The company had no beginning inventory on May 1.

May 03 Purchase 9 $25.00

May 10 Sale 4

May 17 Purchase 14 $27.00

May 20 Sale 5

May 23 Sale 2

May 30 Purchase 9 $29.00

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. $261

b. $135

c. $100

d. $54

Reference no: EM132437777

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