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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.

FINANCIAL ACCOUNTING
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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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
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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