Assume that Cullumber Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,700 @ $4.00 1,700 units Feb. 10 5,000 @ $4.40 6,700 units Feb. 21 3,400 units 3,300 units Feb. 28 2,400 @ $4.75 5,700 units 13 ! Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to O decimal places, e.g. 1,245.) Cost of goods sold A FIFO
Assume that Cullumber Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 1,700 @ $4.00 1,700 units Feb. 10 5,000 @ $4.40 6,700 units Feb. 21 3,400 units 3,300 units Feb. 28 2,400 @ $4.75 5,700 units 13 ! Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to O decimal places, e.g. 1,245.) Cost of goods sold A FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assume that Cullumber Company has the following transactions in its first month of operations.
Date
Purchases
Sold
Balance
Feb. 1
1,700 @ $4.00
1,700 units
Feb. 10
5,000 @ $4.40
6,700 units
Feb. 21
3,400 units
3,300 units
Feb.
28
2,400 @ $4.75
5,700 units
13
!
Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the
FIFO cost flow assumption. (Round answers to O decimal places, e.g. 1,245.)
Cost of goods sold
A
FIFO
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