You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11. Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $26 28 45 65 130 100 100 65 75 110 29 50 31 50
You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11. Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $26 28 45 65 130 100 100 65 75 110 29 50 31 50
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for
inventory.
Date
Oct. 1
Oct. 9
Oct. 11.
Oct. 17
Oct. 22
Oct. 25
Oct. 29
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Sale
Units Unit Cost or Selling Price
$26
28
65
130
100
100
65
75
110
45
29
50
31
50

Transcribed Image Text:Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods.
1. LIFO,
2. FIFO.
3. Average-cost.
(Round answers to 0 decimal places, e.g. 125.)
Ending inventory
Cost of goods sold
Gross profit
$
$
$
LIFO
$
$
$
FIFO
$
$
AVERAGE-COST
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