1. 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.

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.

2. On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item.

3. 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.

Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.

4. Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations.

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 5 $17 10 Sale 4 17 Purchase 10 $18 20 Sale 4 23 Sale 3 30 Purchase 10 $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. O a. $63 Ob. $117 Oc. $44 Od. $171 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Unit Cost Unit Market Inventory Quantity Total Lower of Cost or Market Item Price Price Total Cost Total Market Product C 300 $6 $5 $ $ Product D 420 12 14 Total $ $ $ 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 03 Purchase 5 $14 10 Sale 4 17 Purchase 14 $18 20 Sale 5 23 Sale 3 30 Purchase 14 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. Oa. $336 Ob. $462 Oc. $613 O d. $269 Feedback Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 4 6 8 13 Purchased 500 units @ $25.00 each. Purchased 300 units @ $24.00 each. Sold 400 units @ $38.00 each. Purchased 700 units @ $23.00 each. Sold 450 units @ $37.50 each. Purchased 250 units @ $25.25 each. Sold 275 units @ $36.00 each. Sold 300 units @ $37.00 each. Purchased 550 units @ $26.00 each. Sold 100 units @ $39.00 each. 20 22 27 28 30 Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual 2. FIFO Periodic 3. LIFO Perpetual 4. LIFO Periodic 5. Average Cost Periodic Total Sales (not dependent on inventory method) 56,975.00 Total Goods Available for Sale (round to the nearest cent) 56,412.50 Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places. Ending Inventory Cost of Goods Sold Gross Profit 1. FIFO Perpetual $ 2. FIFO Periodic $ $ $ 3. LIFO Perpetual $ 19,825 $ $ 4. LIFO Periodic $ 19,100 $ 5. Average Cost Periodic