Inventory data for Culver Corporation are presented as follows. Date Explanation Units Unit Cost June 1 Inventory 113 12 Purchases 379 23 Purchases 182 30 Inventory (a1) (a2) 210 The cost of the ending inventory The cost of goods sold $5 Assume a sale of 409 units occurred on June 15 for a selling price of $8 and a sale of 55 units on June 27 for $9. 6 $ 7 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) Total Cost $565 2,274 1,274 FIFO SA LA LIFO 50 S Moving-Average
Inventory data for Culver Corporation are presented as follows. Date Explanation Units Unit Cost June 1 Inventory 113 12 Purchases 379 23 Purchases 182 30 Inventory (a1) (a2) 210 The cost of the ending inventory The cost of goods sold $5 Assume a sale of 409 units occurred on June 15 for a selling price of $8 and a sale of 55 units on June 27 for $9. 6 $ 7 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to 0 decimal places, e.g. 125.) Total Cost $565 2,274 1,274 FIFO SA LA LIFO 50 S Moving-Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Inventory data for Culver Corporation are presented as follows.
Date
June 1
12
23
30
(a1)
Explanation
Inventory
Purchases
Assume a sale of
(a2)
Purchases
Inventory
Units
113
The cost of the ending
inventory
The cost of goods sold
379
182
e Textbook and Media
210
Unit Cost
$5
6
7
nits occu I on June 15 for a selling price of and a sale
Total Cost
$565
2,274
1,274
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
system. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125. Round answers to O
decimal places, e.g. 125.)
FIFO
LA
on June
LIFO
$9
CA
Moving-Average
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