A B C D E F G L M N PRACTICE MULTIPLE CHOICE Use the information below to answer following questions 1 to 8. The Boxwood Company sells blankets for $60 each. The following info relates to May 1 Date May 1 10 Blankets Units Beginning Inventory Cost 5 $20 Purchase Sale 10 $26 8 20 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method a $208 b. $152 62 7 B 9 20 22 3 23 24 25 26 27 c. $178 d $182 Assuming that the company uses the perpetual inventory system Inventory is costed using FIFO. Determine the ending inventory in dollars at the end of May. a $178 b. $182 c. $208 d. $152 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale on May 20 using the FIFO inventory cost method. a. $178 b. $182 c. $302 d $182