Current Attempt in Progress On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 (a) Purchases 1,300 630 500 @ @ $4.10 $4.30 $4,70 Ending inventory Cost of goods sold May 3 * Your answer is incorrect. 16 $ 18 Sales 280 1,200 220 @ $7.00 Calculate the cost of goods sold and ending inventory using FIFO. FIFO @ $7.00 @ $7.50 7022 5134

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.