The Boxwood Company sells blankets for $ 31.00 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 9 $15.00 May 10 Sale 3   May 17 Purchase 15 $18.00 May 20 Sale 6   May 23 Sale 2   May 30 Purchase 8 $22.00 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. Select the correct answer. $108.00 $45.00 $36.00 $176.00

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: The LIFO method assumes that the goods purchased last will be sold out first, and hence the cost per…

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: First in first out method: This is a simple method of inventory valuation. In this method, the first…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Perpetual inventory System  means tracking of inventory ‘perpetually’ as it moves throughout the…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: FIFO is the first in first out method which helps in inventory valuation. Here inventory purchases…

Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Option 1 is the Correct Answer i.e $102.

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Correct option is d.$56

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: FIFO (First-in-First Out): As per FIFO method, units purchased first are sold first.

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: "Periodic" means that the Inventory account is not routinely updated during the accounting period.…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: Weighted average inventory method defines the method in which cost is calculated on the basis of…

Q: Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: FIFO means First in first out. Inventory which entered first will be used first.

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: Under FIFO method, old inventory is sold first and newer units are sold later.

Q: The Boxwood Company sells blankets for $35.00 each. The following was taken from the inventory…

A: METHOD LIFO - LAST IN FIRST OUT : DATE  PURCHASE  SALE  BALANCE MAY 03 9 UNITS  X $18     MAY…

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: LIFO (Last-in-First-Out): As per LIFO inventory cost method, units purchased last are sold first.

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In $)   Total Cost…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory refers to the stock which is held by the company for resale purposes or the goods that are…

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to…

A: Periodic Inventory System: Periodic inventory system is an arrangement of stock wherein refreshes…

Q: The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records…

A: Ending inventory units=Purchases-Sales=10+16+9-5+5+2=35-12=23 units

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: As per LIFO inventory cost method, the latest units (last units) will be sold first.  Thus the…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: FIFO method means first in first out  which means that inventory which is purchased first will be…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: LIFO under perpetual system: Under the perpetual system, the inventory account changes continuously…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: LIFO follows the assumption that the inventory purchased last would be sold first.

Q: Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Fifo is first in first out method of inventory costing which says that inventory which is purchased…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: The average cost is calculated as total cost divided by number of units.

Q: Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: In case of LIFO inventory cost method the latest purchased goods will be sold first.

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: As per FIFO Method units are sold on First in First out basis which means units purchased or already…

Q: Bonita Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under periodic method, no individual entries are recorded, rather at the end of accounting period or…

Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…

A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…

Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: Cost of goods sold for LIFO method calculated by considering the units sold at a latest price from…

Q: Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: LIFO is last in first out inventory method which says that inventory purchased in last will be sold…

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: The question is based on the concept of Cost Accounting

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Gross profit is the difference between sales & Cost of goods sold. Gross profit = Sales - Cost…

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: Cost of goods sold=Units sold×Cost per unit

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: The inventory costs can be calculated to arrive the ending balances using few methods of inventory…

Q: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

A: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

Q: Boxwood Company sells blankets for $32 each. The following was taken from the inventory records…

A: On May 23, two units were sold.    To determine the gross profit, cost of goods sold needs to be…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: In case of LIFO method latest goods will be sold first.

Q: The Boxwood Company sells blankets for $ 38.00 each. The following was taken from the inventory…

A: Using FIFO method, old goods are sold first and newer goods are sold later.

Q: for $36 each. The following was taken from the inventory records during May. The company had no…

A: Using FIFO method, the older units are sold first and newer units are left in inventory.

Q: The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: Under the LIFO inventory cost method, the most recent units purchased are sold first.

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: In case of FIFO method the first purchased goods/Beginning inventory will be sold first.

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.