The 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.Date Blankets Units CostMay 3Purchase 38 $1910Sale1517Purchase32$212322Sale27Sale30Purchase 31$22Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.Oa. $22Ob. $437Oc. 142Od. $521

Gross profit for the sale of May 23 using the FIFO method. - $22Explanation:Option a: $22 - This…

Answered: The Boxwood Company sells blankets for…

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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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 33 $10 10 Sale 13 17 Purchase 20 $12 20 Sale 23 23 Sale 1 30 Purchase 25 $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.$18 b.$200 c.$12 d.$236
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 03 Purchase 8 $26 10 Sale 17 Purchase 13 $27 20 Sale 23 Sale 30 Purchase 11 $29 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. Oa. $319 Ob. $108 Oc. $54 Od. $78
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
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Haynes Company uses the perpetual inventory system. The following information is available for the month of March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the Cost of Goods Sold for March? A. $212 B. $208 C. $204 D. $560
The 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 3 Purchase 7 $15 10 Sale 3 17 Purchase 12 $18 20 Sale 6 23 Sale 3 30 Purchase 10 $21 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.$168 b.$102 c.$153 d.$96
Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units @ $17 = $748 Inventory, December 31, using LIFO – 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost $ 1,088 2,014 56 18 106 19 86 62 Required: 1. Compute the number and cost of goods avallable for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2 Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference In the Inventory turnover ratlo? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
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Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 290 $ 4 June 2 Purchase 80 $ 3 November 5 Sales 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 Cost of goods sold $1,160; Ending inventory $240 Cost of goods sold $1,300; Ending inventory $210
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 uses a perpetual inventory system. Date Blankets Units Cost May 3 10 17 20 23 30 Oa. $216 Ob. $42 Purchase Oc. $14 Od. $80 Sale Purchase Sale Sale 9 5 9 6 3 $16 Purchase 9 $24 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. $14
ompany reported... Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Date May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 178 units @ $10 = $ 1,780 248 units @ $12 = $ 2,976 May 10 Sales May 15 Purchase 128 units @ $13 = $ 1,664 May 24 Sales Multiple Choice $3,560 $2,740 $2,870 $3,550 $3,680

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