The Boxwood Company sells blankets for $40.00 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 03 Purchase $16.00 May 10 Sale May 17 Purchase $18.00 May 20 Sale May 23 Sale May 30 Purchase $19.00 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. 27 Select the correct answer. $182 $368 $144 $314 1.279 Derek Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balance per books, 9/30 $2,903 Deposits in transit 496 Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check 133 Find the adjusted cash balance per books on September 30. Select the correct answer $3,465 $2,120 $2.815 $2,682 Allowance for Doubtful Accounts has a credit balance of $1,096 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $13,663. Which of the following entries records the proper adjustment for Bad Debt Expense? Select the correct answer. debit Allowance for Doubtful Accounts, $14,759; credit Bad Debt Expense, $14,759 debit Allowance for Doubtful Accounts, $12,567; credit Bad Debt Expense, $12,567 debit Bad Debt Expense, $12,567; credit Allowance for Doubtful Accounts, $12,567 debit Bad Debt Expense, $14,759; credit Allowance for Doubtful Accounts, $14,759