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The following information relates to Cullumber Kitchen Ltd's inventory transactions during the month of March. Mar. 1 Beginning inventory 7,200 7 12 16 18 27 Sale Purchase Purchase Sale Units Purchase 4,800 3,000 960 3,000 4,800 Cost/Unit Amount $18.00 $129,600 $19.80 $19.80 $59,400 $19,008 $25.00 $120,000

The following information relates to Cullumber Kitchen Ltd's inventory transactions during the month of March. Mar. 1 Beginning inventory 7,200 7 12 16 18 27 Sale Purchase Purchase Sale Units Purchase 4,800 3,000 960 3,000 4,800 Cost/Unit Amount $18.00 $129,600 $19.80 $19.80 $59,400 $19,008 $25.00 $120,000

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 Kitchen Ltd. uses the perpetual inventory system. Calculate Cullumber Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using weighted- average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory LA
Transcribed Image Text:Cullumber Kitchen Ltd. uses the perpetual inventory system. Calculate Cullumber Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using weighted- average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold Gross margin Ending inventory LA
The following information relates to Cullumber Kitchen Ltd.'s inventory transactions during the month of March. Mar. 1 Beginning inventory 7 12 18 16 Purchase 27 Sale 29 Purchase Sale Purchase Sale Units 7,200 4,800 3,000 960 3,000 4,800 4,200 Cost/Unit All of the units sold were priced at $65 per unit. $18.00 $19.80 $19.80 Amount $129,600 $59,400 $19,008 $25.00 $120,000
Transcribed Image Text:The following information relates to Cullumber Kitchen Ltd.'s inventory transactions during the month of March. Mar. 1 Beginning inventory 7 12 18 16 Purchase 27 Sale 29 Purchase Sale Purchase Sale Units 7,200 4,800 3,000 960 3,000 4,800 4,200 Cost/Unit All of the units sold were priced at $65 per unit. $18.00 $19.80 $19.80 Amount $129,600 $59,400 $19,008 $25.00 $120,000
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