A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,832; Freight-In, $675; Purchases, $15,025; Purchases Returns and Allowances, $4,300; Purchases Discounts, $399. The cost of merchandise purchased is equal to O $16,567 O $11,001 O $24,231 O$15,025 29 The Boxwood Company sells blankets for $30.00 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 $12.00 May 10 Sale 12 May 17 Purchase 24 $14.00 Sale 15 May 23 Sale 7 May 30 Purchase 25 $15.00 May 20 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. O$116 O $204 O$98 O$176 Previous Next > All work saved. Submit Test for Grading The inventory data for an item for November are: Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $19 10 units 30 units at $20 20 units 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? O $610 O $590 O $600 O $580 Previous Next > All work saved. Submit Test for Grading muiz #3 (Chapters 5&6) A sales invoice included the following information: merchandise price, $10,200; terms 1/10, n/eom; FOB shipping point with prepaid freight of $396 added to the invoice. Assuming that a credit for merchandise returned of $2,000 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? O $8,514 O $2,000 O$10,200 O$10,490 Previous Next > All work saved Submit Test for Grading Abbey Co. sold merchandise to Gomez Co. on account, $28,600, terms 2/15, net 45. The cost of the goods sold was $13,818. Abbey Co. issued a credit memo for $3,400 for merchandise returned that originally cost $1,019. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O $11,897 O $3,400 O$12,799 O $15,229 Previous Next > All work saved Sum TeGradina