Culver Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $131 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit Cost Units Unit Price June 6 1,160 $133 10 1,030 $189 14 1,850 134 16 1,600 194 26 1,030 135 (a) Your answer is partially correct. Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations Bound answers to 2 decimal places e a 5521
Culver Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $131 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit Cost Units Unit Price June 6 1,160 $133 10 1,030 $189 14 1,850 134 16 1,600 194 26 1,030 135 (a) Your answer is partially correct. Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations Bound answers to 2 decimal places e a 5521
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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![Culver Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $131
each. During June, the company had the following purchases and sales of bookcases:
Purchases
Sales
Date
Units
Unit Cost Units
Unit Price
June 6 1,160
$133
10
1,030
$189
14 1,850
134
16
1,600
194
26 1,030
135
(a)
Your answer is partially correct.
Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for
average cost calculations Bound answers to 2 decimal places e a 5521](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84914958-4028-4b4a-a6b3-193760b70971%2Fbc04ed27-e892-46aa-bb39-662c3ad8ea85%2Fxc4k6jr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Culver Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $131
each. During June, the company had the following purchases and sales of bookcases:
Purchases
Sales
Date
Units
Unit Cost Units
Unit Price
June 6 1,160
$133
10
1,030
$189
14 1,850
134
16
1,600
194
26 1,030
135
(a)
Your answer is partially correct.
Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for
average cost calculations Bound answers to 2 decimal places e a 5521
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