Boxwood Company sells blankets for $38 each. The following information was taken from the inventory records during May. The company had no beginning inventory onMay 1. Boxwood uses a perpetual inventory system.DateBlanketsUnitsMay 3PurchaseCost9$1810Sale517Purchase16$1520Sale523Sale230Purchase11$20Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method.a. $220b. $30c. $90d. $75

Step 1: LIFO Method is the method of inventory costing. It states that the inventory that is bought…

Answered: Boxwood Company sells blankets for $38…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Boxwood Company sells blankets for $37 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 7 $15 10 Sale 3 17 Purchase 12 $18 20 Sale 6 23 Sale 3 30 Purchase 10 $21 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a.$168 b.$102 c.$153 d.$96
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 3 17 Purchase 10 24 20 Sale 6 23 Sale 3 30 Purchase 10 30 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method. a.$180 b.$136 c.$120 d.$144
The Boxwood Company sells blankets for $40 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 10 $18 10 Sale 5 17 Purchase 14 $16 20 Sale 6 23 Sale 3 30 Purchase 10 $22 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.
Boxwood Company sells blankets for $35 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 10 17 20 23 30 Oa. $216 Ob. $42 Purchase Oc. $14 Od. $80 Sale Purchase Sale Sale 9 5 9 6 3 $16 Purchase 9 $24 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. $14
Boxwood Company sells blankets for $33 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 9 $29 10 Sale 4 17 Purchase 11 31 20 Sale 5 23 Sale 3 30 Purchase 12 32 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. a.$116 b.$384 c.$93 d.$155
Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units Cost per Unit 173 $ 1.25 257 $ 1.15 300 $ 0.95 287 $ 1.10 164 $ 1.30 139 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the FIFO method. (round all answers using two (2) decimal places)
Boxwood Company sells blankets for $38 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date May 3 10 17 20 23 30 Blankets Purchase Sale Purchase Sale Sale Purchase Units 8 4 15 5 2 8 Cost $15 $14 $20 Determine the May 31 inventory balance using the LIFO inventory costing method. a. $158 b. $490 c. $460 Od. $332
Oriole Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 400 210 212 $ Unit Cost $ $5 6 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) Total Cost FIFO $650 2,400 1,470 $ $ LIFO $ $ Average-cost
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The Boxwood Company sells blankets for $36 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 9 $16 10 Sale 4 17 Purchase 12 $18 20 Sale 7 23 Sale 3 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a.$116 b.$206 c.$190 d.$122
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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 CostMay 3 Purchase 5 $2010 Sale 3 17 Purchase 10 $2420 Sale 6 23 Sale 3 30 Purchase 10 $30Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method. a.$348b.$356c.$452d.$444

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