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The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records...

The Boxwood Company sells blankets for $38 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 7 $20 10 Sale 5 17 Purchase 14 $17 20 Sale 6 23 Sale 2 30 Purchase 11 $23 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. $102 $34 $100 $253

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Answer #1

Answer) $102

Explanations:

Before the May 20 Sales, Units left were 2 units of $20 each , 14 units of $17 each. Since the company follows LIFO Method, 6 units from the 14 units slot will be sold.

6 units x $17 = 102

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