Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method.​

A) $348
B) $452
C) $444
D) $356

Using the LIFO method, the cost of goods sold for the 15 blankets sold in May is calculated as follows:
Cost of goods sold = 10 blankets x $60 (most recent cost) + 5 blankets x $50 (next most recent cost) = $600 + $250 = $850
The cost of the ending inventory is $350 (6 blankets x $50).
The gross profit for the month of May is calculated as follows:
Gross profit = Revenue - Cost of goods sold
Revenue = 15 blankets x $60 = $900
Cost of goods sold = $850
Gross profit = $900 - $850 = $50
However, the question is asking for the gross profit percentage (not the dollar amount), so we need to divide the gross profit by the revenue and multiply by 100 to get the percentage:
Gross profit percentage = (Gross profit / Revenue) x 100%
Gross profit percentage = ($50 / $900) x 100% = 5.56%
Therefore, the correct answer is C) $444.