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 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

1. 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 cost method.

a. $196
b. $204
c. $240
d. $124

2. Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method.

a. $250
b. $180
c. $196
d. $204

3. Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.

a. $494
b. $502
c. $422
d. $520

4. Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

a. $78
b. $90
c. $102
d. $180

5. Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month o may using the LIFO inventory cost method

a. $422
b. $502
c. $520
d. $194

Pettijohn inc. the balance sheet and income statement shown below are for pettijohn inc. note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. balance sheet (millions of $) assets 2016 cash and securities $ 1,554.0 accounts receivable 9,660.0 inventories 13,440.0 total current assets $24,654.0 net plant and equipment 17,346.0 total assets $42,000.0 liabilities and equity accounts payable $ 7,980.0 notes payable 5,880.0 accruals 4,620.0 total current liabilities $18,480.0 long-term bonds 10,920.0 total debt $29,400.0 common stock 3,360.0 retained earnings 9,240.0 total common equity $12,600.0 total liabilities and equity $42,000.0 income statement (millions of $) 2016 net sales $58,800.0 operating costs except depr'n $54,978.0 depreciation $ 1,029.0 earnings bef int and taxes (ebit) $ 2,793.0 less interest 1,050.0 earnings before taxes (ebt) $ 1,743.0 taxes $ 610.1 net income $ 1,133.0 other data: shares outstanding (millions) 175.00 common dividends $ 509.83 int rate on notes payable 1. what is the firm's current ratio? (points : 6) 0.97 1.08 1.20 1.33 2. what is the firm's quick ratio? (points : 6) 0.49 0.61 0.73 0.87 3. what is the firm's total assets turnover? (points : 6) 0.90 1.12 1.40 1.68 4. what is the firm's inventory turnover ratio? (points : 6) 4.38 4.59 4.82 5.06 5. what is the firm's debt ratio? (points : 6) 45.93% 51.03% 56.70% 70.00% 6. what is the firm's roa? (points : 6) 2.70% 2.97% 3.26% 3.59% 7. what is the firm's roe? (points : 6) 8.54% 8.99% 9.44% 9.91%

Sally is buying a home and the closing date is set for april 20th. the annual property taxes are $1,234.00 and have not been paid yet. using actual days, how much will the buyer be credited and the seller be debited

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