Question
Question Content Area 1. On June 8, Williams Company issued an $71,019, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is
Question Content Area
1. On June 8, Williams Company issued an $71,019, 11%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar.
a. $7,812
b. $73,623
c. $78,831
d. $71,019
2. Boxwood Company sells blankets for $38 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system.
Date | Blankets | Units | Cost |
---|---|---|---|
May 3 | Purchase | 7 | $17 |
10 | Sale | 5 | |
17 | Purchase | 10 | $16 |
20 | Sale | 4 | |
23 | Sale | 2 | |
30 | Purchase | 9 | $24 |
Determine the May 31 inventory balance using the FIFO inventory costing method.
a. $255
b. $240
c. $360
d. $312
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