Use the Information Below to Answer the Following Questions -Assuming That the Company Uses the Perpetual Inventory System,determine the

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.

$\begin{array}{|c|l|c|c|}\hline \text { Date } & {\text { Blankets }} & \text { Units } & \text { Cost } \\\hline \text { May } 3 & \text { Purchase } & 5 & \$ 20 \\\hline 10 & \text { Sale } & 3 & \\\hline 17 & \text { Purchase } & 10 & \$ 24 \\\hline 20 & \text { Sale } & 6 & \\\hline 23 & \text { Sale } & 3 & \\\hline 30 & \text { Purchase } & 10 & \$ 30 \\\hline\end{array}$
-Assuming that the company uses the perpetual inventory system,determine the Gross Profit for the month of May using the LIFO cost method.

• A)$348
• B)$452
• C)$444
• D)$356

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