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The Boxwood Company sells blankets for $31.00 each. The following was taken from the inventory records...

The Boxwood Company sells blankets for $31.00 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 7 $19.00
May 10 Sale 3
May 17 Purchase 11 $16.00
May 20 Sale 5
May 23 Sale 2
May 30 Purchase 12 $21.00

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.

Select the correct answer.

$392.00

$169.00

$561.00

$378.00

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