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Boxwood Company sells blankets for $60 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 3 17 Purchase 10 $24 20 Sale 6 23 Sale 3 30 Purchase 10 $30 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a. $144 b. $120 c. $180 d. $136

Boxwood Company sells blankets for $60 \$ 60 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 11. Boxwood uses a perpetual inventory system.\newline\begin{tabular}{rlcc} \newlineDate & Blankets & Units & Cost \\\newline\hline May 33 & Purchase & 55 & $20 \$ 20 \\\newline1010 & Sale & 33 & \\\newline1717 & Purchase & 1010 & $24 \$ 24 \\\newline2020 & Sale & 66 & \\\newline2323 & Sale & 33 & \\\newline3030 & Purchase & 1010 & $30 \$ 30 \newline\end{tabular}\newlineDetermine the cost of goods sold for the sale of May 2020 using the LIFO inventory costing method.\newlinea. $144 \$ 144 \newlineb. $120 \$ 120 \newlinec. $180 \$ 180 \newlined. $136 \$ 136

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Q. Boxwood Company sells blankets for $60 \$ 60 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 11. Boxwood uses a perpetual inventory system.\newline\begin{tabular}{rlcc} \newlineDate & Blankets & Units & Cost \\\newline\hline May 33 & Purchase & 55 & $20 \$ 20 \\\newline1010 & Sale & 33 & \\\newline1717 & Purchase & 1010 & $24 \$ 24 \\\newline2020 & Sale & 66 & \\\newline2323 & Sale & 33 & \\\newline3030 & Purchase & 1010 & $30 \$ 30 \newline\end{tabular}\newlineDetermine the cost of goods sold for the sale of May 2020 using the LIFO inventory costing method.\newlinea. $144 \$ 144 \newlineb. $120 \$ 120 \newlinec. $180 \$ 180 \newlined. $136 \$ 136
  1. Define LIFO principle: LIFO means last in, first out. So we start with the last purchase to determine the cost of goods sold for the 66 blankets sold on May 2020.
  2. Calculate cost for 66 blankets: First, we take the 1010 blankets purchased on May 3030 at $30\$30 each. But we only need 66 for the sale on May 2020, so we calculate the cost for these 66 blankets: 66 blankets ×\times $30\$30/blanket = $180\$180.

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