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

question 123

Multiple Choice

Use the information below to answer the following questions.

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

• A) $324
• B) $372
• C) $320
• D) $364

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Definitions:

GDP

Gross Domestic Product is the aggregate value, in terms of money or market price, of all end products and services generated within the confines of a country during a certain period.

Socioeconomic Variables

Characteristics that define the social and economic factors of individuals or groups, such as income, education, and occupation.

Standard of Living

The scope of wealthiness, contentment, material commodities, and life's necessities accessible to a certain class within the social economy or a defined area.

Frans Hals

A Dutch Golden Age painter known for his portraits, depicting lively and spontaneous expressions.