Sheffield Corp. records purchases at net amounts. On May 5 Sheffield purchased merchandise on account, $81000, terms 2/10, n/30. Sheffield returned $6800 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid.

By how much should the account payable be adjusted on May 31?

Marigold Corp. had 480 units of Tank in its inventory at a cost of $4 each. It purchased, for $2800, 300 more units of Tank. Marigold then sold 390 units at a selling price of $11 each, resulting in a gross profit of $1930. The cost flow assumption used by Marigold

Waterway uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $11.00 each. During the month, the company made two purchases: 3000 units at $12.00 each and 11800 units at $12.50 each. Waterway also sold 12900 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month? (Round average cost per unit to 2 decimal places, e.g. 1.48.)

Marigold Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31		Inventory at End-of-year Prices			Price Index
2019			$ 654000			1.00
2020			1261000			1.05
2021			1351250			1.10

What is the 2021 inventory balance using dollar-value LIFO? (