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 | 5 | $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 gross profit for the month of May using the LIFO cost
method.
$452
$444
$356
$348
Cost of goods sold under LIFO = (3*20+9*24) = $276
Sales revenue = 12*60 = 720
Gross profit = Sales-Cost of goods sold = 720-276 = 444
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The comp...
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....
The Boxwood Company sells blankets for $30 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 $19 10 Sale 3 17 Purchase 9 $15 20 Sale 5 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....
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...
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....
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. Blankets Units Date Cost Purchase $15 May 03 Sale 4 10 Purchase 17 13 $16 Sale 20 4 23 Sale 2 Purchase $18 30 13 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. $48 b. $80...
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
The Boxwood Company sells blankets for $ 39.00 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 10 $16.00 May 10 Sale 5 May 17 Purchase 11 $18.00 May 20 Sale 6 May 23 Sale 2 May 30 Purchase 8 $23.00 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20...
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