Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 $8 535 units at $9 630 units at Aug. 12 Dec. 8 445 120 units at units at $10 $11 Cullumber Company uses a periodic inventory system. Sales totaled 1,500 units.

Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 $8 535 units at $9 630 units at Aug. 12 Dec. 8 445 120 units at units at $10 $11 Cullumber Company uses a periodic inventory system. Sales totaled 1,500 units.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Question

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to 0 decimal plates, e.g. 150.)
Ending inventory
Cost of goods sold
$
FIFO
$
$
LIFO
$
$
AVERAGE-COST

Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases
were:
Feb. 20
630
units at
May 5 535 units at
$8
$9
Aug. 12
Dec. 8
445
120
units at
units at
$10
$11
Cullumber Company uses a periodic inventory system. Sales totaled 1,500 units.

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