The Boxwood Company sells blankets for $$60$ each. The following was taken from the inventory records during May. The company had no beginning inventory on May $1.$

Date Blankets Units Cost

$03-$May Purchase $5$ $$20$

$10-$May Sale $3$

$17-$May Purchase $10$ $$24$

$20-$May Sale $6$

$23-$May Sale $3$

$30-$May Purchase $10$ $$30$

Determine the following using the Weighted Average Valuation Method:

$1$ COGS $5$ Points

$2$ Ending Inventory $5$ Points

$3$ Gross Profit in $ $5$ Points

$4$ Journal Entry for May $235$ Points

$4$ Clean organized work $5$ Points

Question$2-$ Percentage of Completion Method $(25$ Marks$)$

Hardhat Construction Company has a contract to construct a $$4,500,000$ bridge at an estimated cost of $$4,000,000.$

The contract is to start in July $2014,$ and the bridge is to be completed in October $2016.$ The following data pertain to the construction period.