Lionworks Enterprises had the following inventory data: D…

Lionworks Enterprises had the following inventory data: Date   Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $60 July 11 Purchase 5 $70                 Assuming the company is using FIFO and that they sold 10 units during July. What is the cost of goods sold for the month of July?

Outstanding stock of the West Corporation included 40,000 sh…

Outstanding stock of the West Corporation included 40,000 shares of $5 par common stock and 10,000 shares of 5%, $10 par non-cumulative preferred stock. In 2026, West declared and paid dividends of $4,000. In 2027, West declared and paid dividends of $20,000. How much of the 2027 dividend was distributed to preferred shareholders?