Find the cost of goods sold for the sale of may

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The Boxwood Company sells blankets for $32 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                 8             $19
10                    Sale                     4
17                  Purchase                10            $15
20                     Sale                    5
23                     Sale                    2
30                    Purchase               9             $23

Problem 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. $207
b. $75
c. $76
d. $30

Reference no: EM132933145

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