Use the information below to answer the following question.Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginninginventory on May 1.BlanketsPurchaseSalePurchaseDateUnitsCostMay 3$201017102420SaleSalePurchase23301030Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFOinventory cost method.a. $136b. $144Oc. $180d. $120 Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginninginventory on May 1.DateBlanketsUnitsCostMay 03Purchase$2610Sale17Purchase13$2720Sale423Sale30Purchase11$29Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFOinventory cost method.a. $319b. $108c. $54d. $78

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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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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
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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
The Boxwood Company sells blankets for $38 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 8 $18 10 Sale 3 17 Purchase 15 $17 20 Sale 6 23 Sale 2 30 Purchase 12 $21 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.
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 03 Purchase 5 $20 10 Sale 3 17 Purchase 12 $22 20 Sale 4 23 Sale 2 30 Purchase 12 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a.$328 b.$460 c.$592 d.$230
Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost $18 Date May 03 10 17 20 23 30 Purchase Sale. Purchase Sale Sale 5 4 10 5 2 10 $17 Purchase $19 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a. 530 Ob. 564 c. $24 Od. 59
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
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 11 $16 10 Sale 5 17 Purchase 11 $17 20 Sale 8 23 Sale 3 30 Purchase 9 $18 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.$232 b.$216 c.$134 d.$130
The 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 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 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 LIFO inventory cost method. a.$64 b.$32 c.$72 d.$264
Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.

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