Use the Information Below to Answer the Following Questions

question 38

Multiple Choice

Use the information below to answer the following questions.
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
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-Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.

• A) $136
• B) $144
• C) $180
• D) $120

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Definitions:

Etiquette

The established norms of respectful conduct among individuals in societal interactions or specific communal or professional gatherings.

Product

An item or service created through a process and offered for sale to satisfy consumer needs or wants.

Respiratory

Pertaining to the organs and processes involved in the inhalation and exhalation of air, crucial for breathing and oxygen exchange.

Cardiovascular

Pertaining to the heart and blood vessels, encompassing the entire circulatory system and its function in health and disease.