Question

Can someone please help,i belive I know them,but I am confused.

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

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. (Points:3)
$78
$90
$102
$180


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

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.(Points: 3)
$196
$204
$240
$124


45. The inventory data for an item for September are:

Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise sold for September? (Points: 3)
$610
$600
$590
$580


46. Under a perpetual inventory system, when a shortage is discovered (Points: 3)
Merchandise Inventory is debited
Cost of Merchandise Sold is credited
Inventory Shortages is credited
Merchandise Inventory is credited


47. The inventory data for an item for September are:

Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30? (Points: 3)
$800
$650
$750
$700