On May 1, Cullumber Company had 410 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: Purchases Sales May 4 1,300 $4.20 May 3 250 $7.00 14 610 @ $4.40 16 1,200 $7.00 29 500 @ $4.85 18 260 $7.50 (a) Your answer is correct. Calculate the cost of goods sold and ending inventory using FIFO. Cost of goods sold Ending inventory Date Account Titles May 3 May 3 May 4 May 16 May 16 FIFO (To record sales on account.) (To record cost of goods sold.) (To record purchase on account.) (To record sales on account.) (To record cost of goods sold.) 7100 5109 Debit Credit

On May 1, Cullumber Company had 410 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: Purchases Sales May 4 1,300 $4.20 May 3 250 $7.00 14 610 @ $4.40 16 1,200 $7.00 29 500 @ $4.85 18 260 $7.50 (a) Your answer is correct. Calculate the cost of goods sold and ending inventory using FIFO. Cost of goods sold Ending inventory Date Account Titles May 3 May 3 May 4 May 16 May 16 FIFO (To record sales on account.) (To record cost of goods sold.) (To record purchase on account.) (To record sales on account.) (To record cost of goods sold.) 7100 5109 Debit Credit

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Description: i need the answer quickly On May 1, Cullumber Company had 410 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventorysystem. All purchases and sales are on account. A record of inventory transactions for the month

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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