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The Boxwood Company sells blankets for $ 38.00 each. The following was taken from the inventory records during May. The compa

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Answer #1

Correct answer is =

May 2020 - Sale of 6 blankets × $16 per blanket

= $96

Reason = Under LIFO method, that is Last In First Out, sale of that stock is made first, which is purchased last or later. So for sale on May 20, that stock will be sold first which is purchased on May 17. So, cost of $16 per blanket is used, as on May 17.

Therefore, the correct answer is option 2nd, $96.

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