The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. Date Product Z Units Cost May 3 Purchase 5 $30 May 10 Sale 3 May 17 Purchase 10 $34 May 20 Sale 6 May 23 Sale 3 May 30 Purchase 10 $40 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the average inventory cost method. $250 $160 $200 $204 The inventory data for an item for September are: Sep. 1 4 10 17 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 30 Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30? $800 $650 $750 $700 Merchandise with a sales price of $800 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a debit to Cash for $800 Debit to Sales Discounts for $16 Credit to Sales for $800 Debit to Accounts Receivable for $784 If a company mistakenly counts less items during a physical inventory than actually exist, how will the error affect the cost of merchandise sold? Understated Overstated Only inventory is affected. No change. Inventory shortage is recorded when merchandise is returned by a buyer. merchandise purchased from a seller is incomplete or short. merchandise is returned to a seller. there is a difference between a physical count of inventory and inventory records