1, 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	7	$15
10	Sale	5
17	Purchase	15	$15
20	Sale	4
23	Sale	2
30	Purchase	9	$20

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.$180

b.$75

c.$60

d.$30

2, A sales invoice included the following information: merchandise price, $5,000; terms 1/10, n/eom; FOB shipping point with prepaid freight of $316 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?

a.$4,276

b.$1,000

c.$5,263

d.$5,000

3, The charter of a corporation provides for the issuance of 119,363 shares of common stock. Assume that 44,168 shares were originally issued and 3,919 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared?

a.$7,838

b.$88,336

c.$80,498

d.$238,726