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The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records...

The Boxwood Company sells blankets for $33 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 3     Purchase 9 $20
10     Sale 4
17     Purchase 13 $17
20     Sale 4
23     Sale 3
30     Purchase 8 $20

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.$561

b.$362

c.$440

d.$199

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