5. The Boxwood Company sells blankets for $ 32.00 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	9	$16.00
May 10	Sale	3
May 17	Purchase	15	$14.00
May 20	Sale	5
May 23	Sale	2
May 30	Purchase	12	$19.00

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.

Select the correct answer.

$28.00

$48.00

$70.00

$228.00

6. The Boxwood Company sells blankets for $ 32.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Product Z	Units	Cost
May 01	Purchase	8	$14.00
May 10	Sale	3
May 17	Purchase	10	$16.00
May 20	Sale	6
May 23	Sale	2
May 30	Purchase	8	$24.00

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.

Select the correct answer.

$86.00

$94.00

$166.00

$138.00

7. The Boxwood Company sells blankets for $34.00 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	38	$13.00
May 10	Sale	15
May 17	Purchase	28	$15.00
May 20	Sale	19
May 23	Sale	10
May 30	Purchase	20	$16.00

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.

Select the correct answer.

$198

$299

$150

$239

8. The Boxwood Company sells blankets for $35.00 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	8	$16.00
May 10	Sale	5
May 17	Purchase	12	$17.00
May 20	Sale	4
May 23	Sale	2
May 30	Purchase	8	$22.00

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

Select the correct answer.

$326.00

$182.00

$508.00

$440.00

25. Computer equipment was acquired at the beginning of the year at a cost of $62,782.00. The computer equipment has an estimated residual value of $3,096.00 and an estimated useful life of 4 years. Determine the 2nd year's depreciation using straight-line depreciation.

Select the correct answer.

$14,921.50

$16,469.50

$29,843.00

$15,695.50

24.

Equipment with a cost of $75,147.00, an estimated residual value of $6,864.00, and an estimated life of 12 years was depreciated by the straight-line method for 7 years. Due to obsolescence, it was determined that the remaining useful life should be shortened by 4 years and the residual value changed to zero. The depreciation expense for the current and future years is

Select the correct answer.

$2,942.94

$39,831.75

$3,210.48

$35,315.25