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
The Boxwood Company sells blankets for $35 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 $16 10 Sale 3 17 Purchase 12 $15 20 Sale 5 23 Sale 2 30 Purchase 12 $24 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.$427 b.$580 c.$456 d.$153
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.
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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
The 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. Date Blankets Units Cost May 3 Purchase 10 $18 10 Sale 5 17 Purchase 14 $16 20 Sale 6 23 Sale 3 30 Purchase 10 $22 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.
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
Aaron's chairs is in the process of preparing a production costbudget for August. Actual costs in July for 120 chairs were:Materials cost $4,730Labor cost 2,940Rent 1,500Depreciation 2,500Other fixed costs 3,200Materials and labor are the only variable costs. If productionand sales are budgeted to change to 120 chairs in August,how much is the expected total variable cost on the Augustbudget?
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
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 3 Purchase 9 $29 10 Sale 4 17 Purchase 11 31 20 Sale 5 23 Sale 3 30 Purchase 12 32 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.$116 b.$384 c.$93 d.$155
Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Gross profit $ Purchases Purchases Sales Your answer is incorrect. Units 1,370 FIFO 2,430 I (2,540 ) 4,070 1,400 (5,230) Unit Cost/Price $6 G $ 7 12 Show Transcribed Text Average Cost 8 9 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Total Cost $8,220 17,010 32,560 12,600

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