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Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 150 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units $ 60 55 65 180 Unit Cost FIFO $8 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $480 660 $1,985 $ 1A 845 LIFO

Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 150 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units $ 60 55 65 180 Unit Cost FIFO $8 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $480 660 $1,985 $ 1A 845 LIFO

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 150 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units $ 60 55 65 180 Unit Cost FIFO $8 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $480 660 $1,985 $ 1A 845 LIFO
Transcribed Image Text:Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 150 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units $ 60 55 65 180 Unit Cost FIFO $8 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $480 660 $1,985 $ 1A 845 LIFO
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