Question
The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $32 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 | 9 | $14 |
10 | Sale | 5 | |
17 | Purchase | 16 | $14 |
20 | Sale | 4 | |
23 | Sale | 2 | |
30 | Purchase | 8 | $19 |
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method.
a.$502
b.$475
c.$154
The following lots of Commodity Z were available for sale during the year.
Beginning inventory | 10 units at $48 |
First purchase | 18 units at $50 |
Second purchase | 55 units at $58 |
Third purchase | 17 units at $57 |
The firm uses the periodic system, and there are 26 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.$5,539
b.$1,248
c.$1,491
d.$1,280
d.$348
The following lots of Commodity Z were available for sale during the year.
Beginning inventory | 8 units at $48 |
First purchase | 17 units at $53 |
Second purchase | 25 units at $57 |
Third purchase | 17 units at $62 |
The firm uses the periodic system, and there are 23 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 FIFO method?
a.$1,104
b.$1,396
c.$3,764
d.$3,741
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