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 Date Blankets Units Cost May 3 Purchase 10 $19 10 Sale 4 17 Purchase 15 $18 20 Sale 4 23 Sale 2 30 Purchase 12 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $522 Ob. $486 Oc. $567 Od. $513

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 Date Blankets Units Cost May 3 Purchase 10 $19 10 Sale 4 17 Purchase 15 $18 20 Sale 4 23 Sale 2 30 Purchase 12 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $522 Ob. $486 Oc. $567 Od. $513

Name: The Boxwood Company sells blankets for $36 each. The following was ta
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 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.DateBlankets Units CostMay 3Purchase 10 $1910Sale417Purchase 15 $1820Sale423Sale230 Purch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
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 7 $17 10 Sale 5 17 Purchase 11 $14 20 Sale 4 23 Sale 3 30 Purchase 12 $18 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. Oa. $56 Ob. $85 Oc. $216 Od. $42
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 220 380 400 1,000 Unit Cost $25 $ 30 33 Total Cost $5,500 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 11,400 13,200 $30,100
Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 (a) Explanation Units Inventory Purchase Purchase Inventory 130 330 Cost of goods sold 200 203 Cost of the ending inventory 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 0 decimal places, e.g. 5,125.) Total Cost FIFO $650 1,980 1,400 LA LIFO LA LA Average-cost
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
Do not give answer in image
Sarasota Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 33 $11 $363 May 15 Purchase 25 12 300 May 18 Sale (44) May 24 Purchase 39 13 Total 97 13 507 $1,170 (a) Your Answer Correct Answer (Used) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 495 Ending Inventory $ 675 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, eg. 15.235 in your calculations and round final answers to 2 decimal places, ea 5.25) Cost of goods sold $ Ending Inventory
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 $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 May 31 inventory balance using the LIFO inventory cost method. Oa. $364 Оb. s372 Oc. $320 Od. $324
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 use a perpetual inventory system. May 3 Purchase 7units $1810 Sale 4 units17 Purchase 11units $1520 Sale 423 sale 2units30 Purchase 9 units $19. Determine the May 31 inventory balance using the FIFO inventory costing method