Boxwood Company sells blankets for $36 each. The following was taken from the inventory records...
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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 9 $24 10 Sale 4 17 Purchase 16 $26 20 Sale 6 23 Sale 2 30 Purchase 11 $28 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.$156 b.$96 c.$52 d.$308
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