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Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year. Cullumber had 60 units in ending inventory. (a) Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. The cost of the ending inventory The cost of goods -sold $ FIFO 36,000 28,200 LIFO 36,000 30,000 $ Average-cost 36,000 28.800

Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year. Cullumber had 60 units in ending inventory. (a) Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. The cost of the ending inventory The cost of goods -sold $ FIFO 36,000 28,200 LIFO 36,000 30,000 $ Average-cost 36,000 28.800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year. Cullumber had 60 units in ending inventory. (a) Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. The cost of the ending inventory The cost of goods -sold FIFO 36,000 28,200 $ LIFO 36,000 30,000 Average-cost 36,000 28,800
Transcribed Image Text:Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year. Cullumber had 60 units in ending inventory. (a) Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. The cost of the ending inventory The cost of goods -sold FIFO 36,000 28,200 $ LIFO 36,000 30,000 Average-cost 36,000 28,800
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