Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0decimal places, e.g. 125.)FIFOLIFOAverage-costThe cost of the endinginventoryThe cost of goods sold$$%24%24%24 Culver Corporation uses a periodic inventory system and reports the following for the month of June.DateExplanationUnitsUnit CostTotal CostJune 1Inventory100$5$ 50012Purchases36562,19023Purchases21071,47030Inventory250

FIFO Cost of ending inventory (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250

Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250

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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Question

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0
decimal places, e.g. 125.)
FIFO
LIFO
Average-cost
The cost of the ending
inventory
The cost of goods sold
$
$
%24
%24
%24

Culver Corporation uses a periodic inventory system and reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
100
$5
$ 500
12
Purchases
365
6
2,190
23
Purchases
210
7
1,470
30
Inventory
250

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