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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