ss.3 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost perunit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, eg. 1,525)(a) Average-cost-Ending Inventory(b) FIFO-Ending InventoryLIFO-Ending Inventory(d$$Cost of Goods Sold $Cost of Goods SoldCost of Goods SoldS$ Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 94 units at a costof $6 per unit. During April, the following purchases and sales were made.April 7132329April 5112030Purchases74148)11855395Sales14811810854428units at $7.00.units at $8.00units at $9.00units at $10.00units at $20units at $20units at $20units at $20

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Description: ss.3 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost perunit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, eg. 1,525)(a) Average-cost-Ending Invent

Ending inventory is the amount of inventory in hand at the end of the period. It is shown in the…

Business

Accounting

Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 94 units at a cost of $6 per unit. During April, the following purchases and sales were made. April 7 13 23 29 April 5 11 20 30 Purchases 74 148 118 55 395 Sales 148 118 108 54 428 units at $7.00 units at $8.00 units at $9.00 units at $10.00 units at $20 units at $20 units at $20 units at $20

Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 94 units at a cost of $6 per unit. During April, the following purchases and sales were made. April 7 13 23 29 April 5 11 20 30 Purchases 74 148 118 55 395 Sales 148 118 108 54 428 units at $7.00 units at $8.00 units at $9.00 units at $10.00 units at $20 units at $20 units at $20 units at $20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

ss.3

Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per
unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, eg. 1,525)
(a) Average-cost-Ending Inventory
(b) FIFO-Ending Inventory
LIFO-Ending Inventory
(d
$
$
Cost of Goods Sold $
Cost of Goods Sold
Cost of Goods Sold
S
$

Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 94 units at a cost
of $6 per unit. During April, the following purchases and sales were made.
April 7
13
23
29
April 5
11
20
30
Purchases
74
148)
118
55
395
Sales
148
118
108
54
428
units at $7.00.
units at $8.00
units at $9.00
units at $10.00
units at $20
units at $20
units at $20
units at $20

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