1. The Boxwood Company sells blankets for $31 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 3	Purchase	8	$14
10	Sale	3
17	Purchase	16	$17
20	Sale	8
23	Sale	3
30	Purchase	10	$18

Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.

a. $121

b. $127

c. $206

d. $178

2. The following lots of Commodity Z were available for sale during the year.

Beginning inventory	8 units at $47
First purchase	15 units at $54
Second purchase	53 units at $57
Third purchase	15 units at $59

The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?

a. $987

b. $1,227

c. $1,078

d. $5,092

3. The following lots of a particular commodity were available for sale during the year

Beginning inventory	8 units at $49
First purchase	15 units at $51
Second purchase	22 units at $28
Third purchase	14 units at $62

The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.

a. $1,259

b. $1,176

c. $1,119

d. $1,225