The inventory data for an item for November are: Nov. Inventory 19 units at $20 4 Sold 10 units 10 Purchased 26 units at $23 17 Sold 25 units 30 Purchased 24 units at $24 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? O a. $955 Ob. $775 c. $806 Od. $748 The Boxwood Company sells blankets for $37 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 $16 10 Sale 3 15 $15 17 20 23 Purchase Sale Sale 30 Purchase 9 $22 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $378 Ob. $315 c. $462 d. $336 The Boxwood Company sells blankets for $35 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 10 $16 10 Sale 17 Purchase $14 Sale 23 Sale 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. O a. $332 Ob. $508 c. $456 d. $176 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 $20 10 Sale 17 Purchase $17 20 Sale 23 Sale 30 Purchase $18 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. O a. $102 b. $34 c. $80 Od. $162 The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $52 First purchase 15 units at $54 Second purchase 51 units at $59 Third purchase 13 units at $63 The firm uses the periodic system, and there are 22 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. $5,106 Ob. $1,350 Oc. $1,170 Od. $1,144 An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $3,901. If Allowance for Doubtful Accounts has a $1,011 debit balance, the adjustment to record the bad debt expense for the period will require a a. debit to Allowance for Doubtful Accounts for $4,912. Ob. debit to Allowance for Doubtful Accounts for $3,901. c. debit to Bad Debt Expense for $4,912. Od. credit to Allowance for Doubtful for $3,901