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

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 6P: Inventory costing methods The following transactions affecting materials occurred in February:...

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