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 Blankets 30 Purchase Sale Purchase Sale Sale Units 10 4 16 6 3 Cost 8 $14 Purchase $23 Determine the May 31 inventory balance using the FIFO inventory costing method. Oa. $315 Ob. $483 Oc. $379 Od. $294 $15

Q: * Your answer is incorrect. Calculate the ending inventory at May 31 using the FIFO, LIFO and…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO method…

Q: Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Boxwood Company sells blankets for $30 each. The following information was taken from the inventory…

A: Under FIFO Method of Inventory valuation company use inventory into the production that are…

Q: The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records…

A: Gross profit for the sale of May 23 using the FIFO method. - $22Explanation:Option a: $22 - This…

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: The LIFO method assumes that the goods purchased last will be sold out first, and hence the cost per…

Q: Boxwood Company sells blankets for $38 each. The following information was taken from the inventory…

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

Q: The periodic inventory records of Allen Medical Supply indicate the following for the month of June:…

A: In LIFO method inventory comes first are out first .Ending inventory consists 15 units from…

Q: Boxwood Company sells blankets for $32 each. The following Boxwood uses a perpetual inventory…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: Tamarisk, Inc. uses a periodic inventory system and reports the following for the month of June.…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: FIFO is the first in first out method which helps in inventory valuation. Here inventory purchases…

Q: | Calculator Boxwood Company sells blankets for $34 each. The following was taken from the inventory…

A: LIFO (Last in first out) is the method of valuation of inventory in which cost of item purchased…

Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Option 1 is the Correct Answer i.e $102.

Q: The Boxwood Company sells blankets for $ 36.00 each. The following was taken from the inventory…

A: First-In-First-Out (FIFO): It refers to a method of inventory valuation used by the business in…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Correct option is d.$56

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Formula: Total cost = Number of units x Cost per unit

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: FIFO (First-in-First Out): As per FIFO method, units purchased first are sold first.

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: The Boxwood Company sells blankets for $30.00 each. The following was taken from the inventory…

A: Particulars No. of Units Cost per unit Total Value May 03 Purchase (23-9-12 units)  2 $10…

Q: Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: FIFO means First in first out. Inventory which entered first will be used first.

Q: The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: FIFO, LIFO and weighted average cost are the three methods used to value the inventory in an…

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: Under FIFO method, old inventory is sold first and newer units are sold later.

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: The perpetual inventory system involves the continuous updating of inventory records. These updates…

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Here in this question, we are required to calculate the cost of goods sold using LIFO method under…

Q: The Boxwood Company sells blankets for $35.00 each. The following was taken from the inventory…

A: METHOD LIFO - LAST IN FIRST OUT : DATE  PURCHASE  SALE  BALANCE MAY 03 9 UNITS  X $18     MAY…

Q: Pharoah Company uses a periodic inventory system and reports the following for the month of June.…

A: 1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

Q: The Boxwood Company sells blankets for $ 40.00 each. The following was taken from the inventory…

A: Number of units available for sale = 10 + 16 + 10 = 36 units Number of units sold = 3 + 5 + 2 = 10…

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Boxwood Company sells blankets for $38 each. The following information was taken from the inventory…

A: The objective of the question is to calculate the gross profit for the sale of May 23 using the FIFO…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: LIFO (Last-in-First-Out): As per LIFO inventory cost method, units purchased last are sold first.

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In $)   Total Cost…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory refers to the stock which is held by the company for resale purposes or the goods that are…

Q: Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. The ending…

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: Ending inventory units=Purchases-Sales=10+16+9-5+5+2=35-12=23 units

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: As per LIFO inventory cost method, the latest units (last units) will be sold first.  Thus the…

Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: LIFO: LIFO means last in first out. Under LIFO method the merchandise purchased at most recent…

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: Inventory is value under FIFO states that the inventory purchased first would be sold first. It is…

Q: Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Fifo is first in first out method of inventory costing which says that inventory which is purchased…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: Boxwood Company sells blankets for $35 each. The following information was taken from the inventory…

A: Lets understand the basics.inventory gets calculated using,(1) FIFO method(2) LIFO method(3) Average…

Q: Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Boxwood Company sells blankets for $38 each. The following information was taken from the inventory…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Boxwood Company sells blankets for $32 each. The following was taken from the inventory records…

A: LIFO is last in first out method of inventory valuation under which inventories which are purchased…

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.