# The Boxwood Company sells blankets for \$ 33.00 each. The following was taken from the inventory records during May. The company had no beginning inventory

The Boxwood Company sells blankets for \$ 33.00 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 9 \$15.00 May 10 Sale 5 May 17 Purchase 11 \$16.00 May 20 Sale 5 May 23 Sale 2 May 30 Purchase 11 \$20.00 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. Select the correct answer. \$80.00 \$32.00 \$220.00 \$75.00

(550 words)

Approximate price: \$22

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