q1.

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	21	$17.00
May 10	Sale	8
May 17	Purchase	20	$19.00
May 20	Sale	11
May 23	Sale	6
May 30	Purchase	35	$20.00

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.

A.$82

B.$221

C.$114

D.$183

q2.

The Boxwood Company sells blankets for $ 37.00 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	$15.00
May 10	Sale	4
May 17	Purchase	14	$18.00
May 20	Sale	5
May 23	Sale	3
May 30	Purchase	10	$20.00

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

Select the correct answer.

A.$360.00

B.$300.00

C.$380.00

D.$400.00

q3.

On June 8, Alton Co. issued an $86,600, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar.

A.$505

B.$1,650

C.$6,062

D.$1,010

q4.

The Boxwood Company sells blankets for $36.00 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	$15.00
May 10	Sale	5
May 17	Purchase	14	$17.00
May 20	Sale	5
May 23	Sale	3
May 30	Purchase	9	$24.00

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.

A.$211.00

B.$528.00

C.$363.00

D.$574.00