Culver Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information for fiscal 2020 is as follows: Ending inventory units: December 31, 2019 110 December 31, 2020, by purchase date -Dec 2, 2020 110 -July 20, 2020 32 142 During 2020, the following purchases and sales were made: Purchases Sales Mar. 15 330 units at $24 Apr. Aug. 10 230 July 20 330 units at $28 20 280 Sept. 4 250 units at $29 Nov. 18 190 Dec. 110 units at $31 Dec. 12 288 The company uses the periodic inventory method.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Determine ending inventory under specific identification.

Ending inventory= $________

2. Determine ending inventory under FIFO.

Ending inventory= $_________

3. Determine ending inventory under weighted average cost.(Round weighted average cost per unit to 2 decimal places)

Ending inventory= $________

Culver Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory
on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information for fiscal 2020 is as
follows:
Ending inventory units:
December 31, 2019
110
December 31, 2020, by purchase date
-Dec. 2, 2020
110
-July 20, 2020
32
142
During 2020, the following purchases and sales were made:
Purchases
Sales
Mar. 15
330 units at $24
Apr.
10
230
July
20
330 units at $28
Aug.
20
280
Sept. 4
250 units at $29
Nov.
18
190
Dec.
2
110 units at $31
Dec.
12
288
The company uses the periodic inventory method.
Transcribed Image Text:Culver Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information for fiscal 2020 is as follows: Ending inventory units: December 31, 2019 110 December 31, 2020, by purchase date -Dec. 2, 2020 110 -July 20, 2020 32 142 During 2020, the following purchases and sales were made: Purchases Sales Mar. 15 330 units at $24 Apr. 10 230 July 20 330 units at $28 Aug. 20 280 Sept. 4 250 units at $29 Nov. 18 190 Dec. 2 110 units at $31 Dec. 12 288 The company uses the periodic inventory method.
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