Inventory Categories Cost Net Realizable Value Personal computers $25,000 $21.500 Servers 19,000 19,500 Total solution printers 10,000 8,900 Cullumber Information Technology Company's cost of goods sold for 2024 was $419,100.
Inventory Categories Cost Net Realizable Value Personal computers $25,000 $21.500 Servers 19,000 19,500 Total solution printers 10,000 8,900 Cullumber Information Technology Company's cost of goods sold for 2024 was $419,100.
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 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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![Cullumber Information Technology Company has the following cost and net realizable value data at December 31, 2024:
Net Realizable
Inventory Categories
Cost
Value
Personal computers
$25,000
$21.500
Servers
19,000
19,500
Total solution printers
10,000
8,900
Cullumber Information Technology Company's cost of goods sold for 2024 was $419,100.
What is the correct ending inventory that should be reported on the balance sheet at December 31, 2024?
Correct ending inventory
$
49.400
What is the correct cost of goods sold that should be reported on the income statement for the year ended December 31, 2024?
Correct cost of goods sold
$
369,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff07252f1-15f7-4077-b274-3be09cf8d77e%2Fb9846628-b8cd-4c62-8c0d-aa5a8470c188%2F1td0y1s_processed.png&w=3840&q=75)
Transcribed Image Text:Cullumber Information Technology Company has the following cost and net realizable value data at December 31, 2024:
Net Realizable
Inventory Categories
Cost
Value
Personal computers
$25,000
$21.500
Servers
19,000
19,500
Total solution printers
10,000
8,900
Cullumber Information Technology Company's cost of goods sold for 2024 was $419,100.
What is the correct ending inventory that should be reported on the balance sheet at December 31, 2024?
Correct ending inventory
$
49.400
What is the correct cost of goods sold that should be reported on the income statement for the year ended December 31, 2024?
Correct cost of goods sold
$
369,700
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