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Use the information below to answer the following question Boxwood Company sells blankets for $60 each. The following was tak
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Answer #1

Answer:

Ending inventory for the month of May using the LIFO inventory cost method ( perpetual inventory system ) :-

COGS = 3 * 20 ( May 3 purchases ) + 6 * 24 ( May 17 purchases ) + 3 * 24 ( May 17 purchases ) = $ 276

Ending inventory = 2 * 20 ( May 3 purchases ) + 1 * 24 ( May 17 purchases ) + 10 * 30 ( May 30 purchases ) = $ 364

The correct answer is option C

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