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Date June 1 (a) 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 120 330 200 204 Unit Cost $5 6 7 Total Cost $600 1,980 1,400 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost

Date June 1 (a) 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 120 330 200 204 Unit Cost $5 6 7 Total Cost $600 1,980 1,400 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 120 Cost of goods sold 330 200 204 Cost of the ending inventory $ Unit Cost $5 6 7 Total Cost FIFO $600 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 1,980 1,400 LIFO Average-cost
Transcribed Image Text:Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date June 1 (a) 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 120 Cost of goods sold 330 200 204 Cost of the ending inventory $ Unit Cost $5 6 7 Total Cost FIFO $600 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) 1,980 1,400 LIFO Average-cost
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