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Determine the ending inventory for the month of May

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Question - The 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 3

Purchase

10

$20

May 10

Sale

5

 

May 17

Purchase

15

$15

May 20

Sale

6

 

May 23

Sale

3

 

May 30

Purchase

9

$24

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.

a. $600

b. $641

c. $406

d. $235

Reference no: EM133053528

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