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he 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 10 $15 10 Sale 4 17 Purchase 15 $17 20 Sale 5 23 Sale 3 30 Purchase 11 $24 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.

Respuesta :

Answer:

The correct answer is $85

Explanation:

According to the given scenario, the calculation of the cost of the goods sold using the LIFO method is as follows:

= Sale units as on May 20 × price per unit

= 5 units × $17

= $85

Basically we multiplied the sales units with the price per unit so that the cost of goods sold could come

Hence, the cost of the goods sold using the LIFO method is $85

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