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56) Boxwood Company sells blankets for $32 each. The following was taken from the inventory...

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Accounting

56) Boxwood Company sells blankets for $32 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

5

$17

10

Sale

3

17

Purchase

15

$19

20

Sale

4

23

Sale

3

30

Purchase

15

$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.

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