Use the information below to answer the following questions. 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.
$20
Date Blankets Units Cost
May 3 Purchase 5 $ 20
10 Sale 3
17 Purchase 10 24
20 Sale 6
23 Sale 3
30 Purchase 10 30
Assuming that the company uses the perpetual inventory system sold for the sale of May 20 using the LIFO inventory cost method
a. $136
b. $144
c. $180
d. $120
