Question

411 Аавьcebdl Аавьсера АаВЫС АаВЫСct Аав Аавьсер Аавьсары Аав 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emp agraph Styles The Boxwood Company sells blankets for $32.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Cost May 03 Purchase $15.00 May 10 Sale May 17 Purchase $14.00 May 20 Sale May 23 Sale May 30 Purchase $24.00 Assuming.that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Select the correct answer. $537.00 $576.00 $365.00 $172.00 (Ctrl)

Answer 1

LIFO Inventory Schedule

Date	Goods Purchased	Cost of goods sold	Inventory Balance
Qty Purchased	Cost per unit	Total Cost	Qty Sold	Cost per unit	Cost of goods sold	Inventory Qty	Cost per unit	Total Cost
May 03	9	15	135				9	15	135
May 10				4	15	60	5	15	75
May 17	15	14	210				5	15	75
							15	14	210
May 20				6	14	84	5	15	75
							9	14	126
May 23				2	14	28	5	15	75
							7	14	98
May 30	8	24	192				5	15	75
							7	14	98
							8	24	192
TOTAL						172	20		365

Hence, the ending inventory for the month of May will be $365”