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 20 using the LIFO inventory cost method.

2. 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 11 $16

10 Sale 5 17 Purchase 11 $18

20 Sale 8 23 Sale 2 30 Purchase 8 $19

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.

3. 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 Cost May 3 Purchase 10 $16

10 Sale 5 17 Purchase 10 $18

20 Sale 6 23 Sale 3 30 Purchase 8 $20

Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.

4. 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 Cost May 3 Purchase 10 $16

10 Sale 5 17 Purchase 10 $18

20 Sale 6 23 Sale 3 30 Purchase 8 $20

Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.

5. The following lots of Commodity Z were available for sale during the year.

Beginning inventory 10 units at $50 First purchase 18 units at $54 Second purchase 55 units at $59 Third purchase 16 units at $61 The firm uses the periodic system, and there are 26 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?