Boxwood Company sells blankets for $37 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Cost $20 Date May 3 10 Blankets $265 b. $382 O c. 5529 Od $676 Purchase Sale Purchase Sale Sale Units 17 20 23 30 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Purchase 6 3 14 21 5 2 14 23

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Boxwood Company sells blankets for $37 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1
Units
Cost
$20
Date
May 3
10
17
20
23
30
$265
b. $382
Oc. $529
d. $676
Blankets
Purchase
Sale
Purchase
Sale
Sale
Purchase
6
3
14
5
2
14
21
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.
23
Transcribed Image Text:Boxwood Company sells blankets for $37 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Units Cost $20 Date May 3 10 17 20 23 30 $265 b. $382 Oc. $529 d. $676 Blankets Purchase Sale Purchase Sale Sale Purchase 6 3 14 5 2 14 21 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. 23
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