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Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $144 4 7 8 $154 $165 Sales Units 3 6 5

Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $144 4 7 8 $154 $165 Sales Units 3 6 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $144 4 7 8 $154 $165 Sales Units 3 6 5
Transcribed Image Text:Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $144 4 7 8 $154 $165 Sales Units 3 6 5
Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to O decimal places and final answers to 3 decimal places, e.g. $105.501.) July 1 $ July 6 $ (b) July 11 $ July 14 Average cost for each unit July 21 (a2) $ July 27 $ $ Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.) The ending inventory under a perpetual inventory system $ Save for Later eTextbook and Media Which costing method produces the highest ending inventory? FIFO $ MOVING-AVERAGE Attempts: 0 of 5 used Submit Answer
Transcribed Image Text:Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round intermediate calculations to O decimal places and final answers to 3 decimal places, e.g. $105.501.) July 1 $ July 6 $ (b) July 11 $ July 14 Average cost for each unit July 21 (a2) $ July 27 $ $ Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to O decimal places, e.g. 1,250.) The ending inventory under a perpetual inventory system $ Save for Later eTextbook and Media Which costing method produces the highest ending inventory? FIFO $ MOVING-AVERAGE Attempts: 0 of 5 used Submit Answer
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