Question: Which is the correct answer?Please explain the answer. The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during

Which is the correct answer?Please explain the answer. The Boxwood Company

Which is the correct answer?Please explain the answer.

The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost May 3 Purchase $17 Date 7 10 Sale 4 17 Purchase 12 $14 20 Sale 4 23 Sale 3 30 Purchase 10 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. Oa. $361 Ob. $527 Oc. $456 Od. $166

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