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. Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 17 Purchase 10 $24 20 Sale 23 Sale 3 30 Purchase 10 $30 Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method. Oa. $356 Ob. $452 Oc. $444 Od. $348

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.