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Determine the cost of merchandise sold for the sale

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Question - Boxwood Company sells blankets for $36 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

10

$29

May 10

Sale

3

May 17

Purchase

13

$31

May 20

Sale

5

May 23

Sale

3

May 30

Purchase

9

$33

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.

a. $155

b. $87

c. $297

d. $93

Reference no: EM133185488

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