The following inventory transactions took place for Cullumber Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 beginning inventory purchase purchase sale sale Event. purchase purchase. sale Ending inventory Quantity 4,200 3,600 4,200 5,000 3,000 3,000 3,000 5,000 4 Cost/ Selling Price $3.10 3.30 3.40 6.10 6.10 3.60 3.60 6.10 Calculate the ending inventory balance for Cullumber Corporation, assuming the company uses a perpetual inventory system and the moving average cost formula. (Round unit costs to 2 decimal places, eg. 52.75 and final answer to O decimal places, e.g. 5,275)

The following inventory transactions took place for Cullumber Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 beginning inventory purchase purchase sale sale Event. purchase purchase. sale Ending inventory Quantity 4,200 3,600 4,200 5,000 3,000 3,000 3,000 5,000 4 Cost/ Selling Price $3.10 3.30 3.40 6.10 6.10 3.60 3.60 6.10 Calculate the ending inventory balance for Cullumber Corporation, assuming the company uses a perpetual inventory system and the moving average cost formula. (Round unit costs to 2 decimal places, eg. 52.75 and final answer to O decimal places, e.g. 5,275)

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Description: The following inventory transactions took place for Cullumber Corporation for the month of May:DateMay 1May 5May 10May 15May 20May 22May 241May 25beginning inventorypurchasepurchase.salesaleEventpurchasepurchasesaleEnding inventoryQuantity4,2003,600

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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