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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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. FIFO Cost of goods sold 7100 Ending inventory $ 5109 Date Account Titles May 3 May 3 May 4 May 16 May 16 (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.) Debit Credit :d
Transcribed Image Text: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. FIFO Cost of goods sold 7100 Ending inventory $ 5109 Date Account Titles May 3 May 3 May 4 May 16 May 16 (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.) Debit Credit :d
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