please help solve The Boxwood Company sells blankets for $36.00...
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The Boxwood Company sells blankets for $36.00 each. The following was taken from the inventory records during May. The company had no beginning Inventory on May 1. Units Cost Blankets Purchase Sale 28 $19.00 11 Date May 03 May 10 May 17 May 20 May 23 May 30 Purchase 22 $21.00 14 Sale Sale Purchase 7 32 $22.00 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. Select the correct answer. S111 5323 5147 S260 Merchandise with a sales price of $11,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Debit to Cash for $11,000 Debit to Customer Refunds Payable for $220 O Credit to Sales for $10,780 O Debit to Accounts Receivable for S11,000
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