The Boxwood Company sells blankets for $60 each. The following was taken from th

Question

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. Assuming that the company uses the perpetual inventory system determine the ending inventory for the month of May using the LIFO inventory cost method. $520 $494 $422 $502 Assuming that the company uses the perpetual inventory system. determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cant method. $240 $124 $196 $204 A machine with a cost of $80,000 has an estimated residual value of $5.000 and an estimated Life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method . What is the amount depreciation for the second full year, during which the machine was used 5,000 hours $25,000 $5,000 $15,000 $26,667 The accounting equation may be expressed as Assets = Equities - liabilities Assets = Revenues - Liabilities Assets + Liabilities = Stockholders' Equity Assets = Liabilities = Stockholders' Equity Machinery was purchased on January 1, 2010 for $51,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declaiming balance depreciation for 2011 would be $6,000 $10,408 $10,929 $10,500

Explanation / Answer

16) Perpetual LIFO Date Purchase Sale Balance 3-May 5*30=150 5*30=150 10-May 3*30=90 2*30=60 17-May 10*34=340 10*34=340 20-May 2*30=60 4*34=136 6*34=204 23-May 3*34=102 3*34=102 30-May 10*40=400 10*40=400 Ending Inventory 102+400 $502 17) Cost of may 20 60+136 $196 19) Asset- Liability = stockHolders's Equity 20) Rate of Dep= 1/7=.1428 so double rate=14.28*2 28.56

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