Business, 06.01.2021 18:20 angoraspinner

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 Product Z Units Cost
May 3 Purchase 5 $30
May 10 Sale 3
May 17 Purchase 10 $34
May 20 Sale 6
May 23 Sale 3
May 30 Purchase 10 $40

1. 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. $196
b. $204
c. $240
d. $124

2. 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. $250
b. $180
c. $196
d. $204

3. Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.

a. $494
b. $502
c. $422
d. $520

4. 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. $78
b. $90
c. $102
d. $180

5. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month o may using the LIFO inventory cost method

a. $422
b. $502
c. $520
d. $194

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

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