Cullumber Company sells one product. Presented below is information for January for Cullumber Company.Nov. 1 Inventory 300units at $ 12 each5 Purchase 180units at $ 13 each10 Sale 410units at $ 19 each15 Purchase 410units at $ 12.50 each21 Sale 430units at $ 20 each30 Purchase 400units at $ 12.80 eachCullumber uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Cullumber uses a periodic system.Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical countindicates that the ending inventory for November is 450 units. (If no entry is required, select "No entry" for the account titles and enterO for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit>> Nov. 30

Ending inventory=(300+180-410+410-430+400) =450 units Value of ending inventory=50*12.5+400*12.8…

Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

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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Nov. 1	Inventory	300	units at $ 12 each
5	Purchase	180	units at $ 13 each
10	Sale	410	units at $ 19 each
15	Purchase	410	units at $ 12.50 each
21	Sale	430	units at $ 20 each
30	Purchase	400	units at $ 12.80 each