1.
Cost of Goods Sold = 3 x $16 + 5 x $18 = $138
Sales = 8 x $40 = $320
Gross Profit = $320 - $138 = $182
Answer is a. $182
2.
Balance as per books | $ 2,903.00 |
Add : Note receivable and interest collected | $ 722.00 |
Less : Bank Charges | $ -27.00 |
Less : NSF Check | $ -133.00 |
Adjusted Balance as per books | $ 3,465.00 |
Answer is a. $3465
3. Bad debt expense = $13663 - $1096 = $12567
Answer is c. Debit Bad debt expense $12567, credit allowance for doubtful accounts $12567
The Boxwood Company sells blankets for $40.00 each. The following was taken from the inventory records...
The Boxwood Company sells blankets for $ 40.00 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 9 $18.00 May 10 Sale 3 May 17 Purchase 16 $15.00 May 20 Sale 5 May 23 Sale 2 May 30 Purchase 8 $22.00 Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the...
Calculator The Boxwood Company sells blankets for $ 35.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Cost Date Units 10 $19.00 May 03 May 10 May 17 May 20 Purchase Sale $16.00 Purchase Sale 4 3 May 23 Sale $24.00 12 May 30 Purchase Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO...
The Boxwood Company sells blankets for $ 38.00 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 $19.00 May 10 Sale May 17 Purchase $16.00 May 20 Sale May 23 Sale May 30 Purchase $19.00 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....
The Boxwood Company sells blankets for $39 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 $20 10 Sale 3 17 Purchase 11 $15 20 Sale 4 23 Sale 3 30 Purchase 11 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a.$462 b.$396 c.$330 d.$440
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 03 Purchase 7 $20 10 Sale 5 17 Purchase 14 $17 20 Sale 6 23 Sale 2 30 Purchase 11 $23 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....
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1. The Boxwood Company sells blankets for $34 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 3 17 Purchase 16 $17 20 Sale 5 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...
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. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 10 using the FIFO inventory cost method. Units Date May 3 Cost $20 10 Blankets Purchase Sale Purchase Sale Sale Purchase O $90 $72 $60 $100
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 03 Purchase 6 $18 10 Sale 3 17 Purchase 9 $17 20 Sale 4 23 Sale 2 30 Purchase 9 $18 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.$40 b.$74 c.$24 d.$108
Boxwood Company sells blankets for $39 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 6 $18 10 Sale 3 17 Purchase 13 $19 20 Sale 5 23 Sale 3 30 Purchase 13 $20 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. $504 b. $409 c....