QUESTION 6 Use the information below to answer the following questions. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Blankets Date May 3 10 Units 5 Cost $20 Purchase Sale 17 Purchase 10 $24 20 Isale Sale Purchase Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. a. $324 b. S320 c. $364 d. 5372 QUESTION 7 The two most widely used methods for determining the cost of inventory are a. FIFO and average cost b. FIFO and LIFO c. LIFO and average cost d. gross profit and average cost