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The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records...

  1. The Boxwood Company sells blankets for $37 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 8 $14
    10     Sale 5
    17     Purchase 14 $14
    20     Sale 5
    23     Sale 2
    30     Purchase 12 $18

    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.$168

    b.$356

    c.$524

    d.$396

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