14. The Boxwood Compnay sells blankets for $60 dollars each. The following was taken from the inventory records during May. The compnay had no benning inventory on May 1st.

Date Product Z Units Cost

May 3 Purchase 5 $20 May 10 Sale 3 May 17 Purchase 10 $24 May 20 Sale 6 May 23 Sale 3 May 30 Purchase 10 $30

- Assuming that the company uses perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using LIFO inventory cost methos.

A. $120 B. $144 C. $136 D. $180

17. The following lots of particular commodity were for sale during the year:

Beginning Inventory 5 units at $61 First Purchase 15 units at $63 Second Purchase 10 units at $74 Third Purchase 10 units at $77

The firm uses the periodidc system and there are 20 units of the commodity on hand at the end of the year.

-What is the amount of cost of goods sold for the year according to the FIFO method?

A. $1380 B. $1510 C. $1250 D. $1375 21. Addison INC uses perpetual inventory system. The following information is bout one inventory item for the month of September: Sep. 1 Invenotry 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30

- If Addsion uses FIFO, the cost of the ending merchandise inventory on Sep. 3oth is: A. $750 B. $650 C. $700 D. $800