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

At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $15.20 per unit: Transactions Units Inventory, January 1 Purchase, January 12. 560 Amount $1,792 540 Purchase, January 26 140 2,808 1,008 Sale Sale (420) (200) Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and…

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Sagar

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (165 units @ $68/unit) Purchases (240 units @ $68/unit) Ending inventory (215 units @ $68/unit) What is the amount of cost of goods available for sale? 7 Multiple Choice O O O. $27,540 $42,160 $12,920 $30,940

Carla Vista Lighting had a beginning inventory of 29 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 34 units at $8 August 11 44 units at $9 August 23 39 units at $10 Purchases 1. 2. Ending inventory Cost of goods sold $ Sales Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. $ August 2 August 10 August 19 August 21 24 units FIFO 29 units 59 units 29 units $ LIFO

The Boxwood Company sells blankets for $36 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 11 $16 10     Sale 5   17     Purchase 11 $17 20     Sale 8   23     Sale 3   30     Purchase 9 $18 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.$232 b.$216 c.$134 d.$130

The 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 10 $18 10     Sale 4   17     Purchase 12 $16 20     Sale 4   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 20 using the LIFO inventory cost method. a.$64 b.$32 c.$72 d.$264

Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.

The Boxwood Company sells blankets for $31 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 $19 10     Sale 5   17     Purchase 14 $16 20     Sale 6   23     Sale 2   30     Purchase 10 $21 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.$605 b.$223 c.$382 d.$483