At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
a) Debit Cash $4,200, credit Supplies $4,200.
b) Debit Supplies $4,200, credit Supplies Expense $4,200.
c) Debit Supplies Expense $4,200, credit Supplies $4,200.
d) Debit Cash $800, credit Supplies $800.

Use the information below to answer the following 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. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.