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The following lots of Commodity Z were available for sale during the year. The firm uses the periodic inventory system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. 55,279 b. $1,417 c. $1,164 d. $1,150 The following units of an inventory item were available for sale during the year. The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,375 b. $1,150 c. $1,350 d. $1,250 Boxwood Company sells blankets for $37 each. The following information was taken from the inventory records during May. The Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. 3. 550 b. 5180 E. 524 d. $216 Boxwood Company selis blankets for $39 each. The following information was taken from the inventory records during Determine the May 31 inventory balance using the FIFO inventory costing method. a. $285 b. 5240 c. 5210 d. $267 Boxwood Company sells blankets for $37 each. The following information was taken from the inventory records during May Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. a. $116 b. $203 c. 5189 d. 5101 Boxwood Company selis blankets for $34 each. The following information was taken from the inventory records during May Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a. 554 b. 590 c. 568 d. 5240 The inventory data for an item for November are: Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. 5727 b. 5688 c. $593 d. $598