Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Cullumber Company uses a periodic inventory system and reports the following for the month of June.
Date
Explanation Units
Unit Cost
Total Cost
June 1
Inventory
106
$4
$424
12
Purchase
424
6
2,544
23
Purchase
265
8
2,120
30
Inventory
245
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation
purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)
Cost of the ending inventory
$
Cost of goods sold
$
eTextbook and Media
FIFO
LIFO
Average-Cost
$
$
$
$
Assistance Used
Transcribed Image Text:Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used
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