Current Attempt in Progress On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 (a) Purchases 1,300 630 500 @ @ $4.10 $4.30 $4,70 Ending inventory Cost of goods sold May 3 * Your answer is incorrect. 16 $ 18 Sales 280 1,200 220 @ $7.00 Calculate the cost of goods sold and ending inventory using FIFO. FIFO @ $7.00 @ $7.50 7022 5134
Current Attempt in Progress On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 (a) Purchases 1,300 630 500 @ @ $4.10 $4.30 $4,70 Ending inventory Cost of goods sold May 3 * Your answer is incorrect. 16 $ 18 Sales 280 1,200 220 @ $7.00 Calculate the cost of goods sold and ending inventory using FIFO. FIFO @ $7.00 @ $7.50 7022 5134
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
Transcribed Image Text:Current Attempt in Progress
On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory
system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows:
May 4
(a)
14
29
(a)
Purchases
1,300
630
500
@
$4.10
$4.30
$4.70
Ending inventory
Cost of goods sold
May 3
x Your answer is incorrect.
16
$
18
Sales
280
1,200 @
220
@
FIFO
@
Calculate the cost of goods sold and ending inventory using FIFO.
$7.00
$7.00
$7.50
7022
5134
Transcribed Image Text:Cullumber Company uses a perpetual inventory system. The company began 2024 with 800 lamps in inventory at a cost of $12 per
unit. During 2024, Cullumber had the following purchases and sales of lamps:
February 15
April 24
June 6
October 18
December 4
Purchased
(a)
Sold
Purchased
Sold
Purchased
1,600 units @ $18 per unit
2,000 units @ $30 per unit
2,800 units @ $23 per unit
1,600 units @ $33 per unit
1,120 units @ $26 per unit
All purchases and sales are on account.
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