Use the Following Information to Answer the Following Questions Assuming That the Company Uses the Perpetual Inventory System, Determine

question 37

Multiple Choice

Use the following information 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.
$\begin{array}{|l|l|l|l|}\hline \text { Date } & \text { Product Z } & \text { Units } & \text { Cost } \\\hline \text { May 3 } & \text { Purchase } & 5 & \$ 20 \\\hline \text { May 10 } & \text { Sale } & 3 & \\\hline \text { May 17 } & \text { Purchase } & 10 & \$ 24 \\\hline \text { May 20 } & \text { Sale } & 6 & \\\hline \text { May 23 } & \text { Sale } & 3 & \\\hline \text { May 30 } & \text { Purchase } & 10 & \$ 30 \\\hline\end{array}$ 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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Definitions:

Mesozoic Era

A geological era that occurred between 252 and 66 million years ago, characterized by the dominance of dinosaurs.

Paleozoic

An era in the geologic time scale, occurring from about 541 million to 252 million years ago, noted for the early development of life on Earth.

Crinoids

Marine animals belonging to the class Crinoidea, characterized by a mouth on the top surface surrounded by feeding arms, part of the echinoderm phylum.

Trilobites

Extinct marine arthropods with a segmented body and calcified exoskeleton, prevalent from the Cambrian to the Permian period.