You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:S 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)

You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:S 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)

Name: You have the following information for Cullumber Inc. for the month e
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumberuses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginninginventory Units $60 Unit cost or selling price

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase June 27 Purchase Inventory Your answer is correct. $ $ $ 140 $ 360 $ 220 270 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) Unit Cost 5 5.72 5.72 6.6 $5 6.6 6 7 Total Cost $700 2,160 1,540
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1 700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 440 units Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
need answer
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $23 June 4 Purchase 135 26 June 10 Sale 110 53 June 11 Sale return 15 53 June 18 Purchase 55 29 June 18 Purchase return 10 29 June 25 Sale 65 59 June 28 Purchase 35 33 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.
The accounting records of Sheridan Company show the following data. Beginning inventory 2,710 units at $5 Purchases 7,470 units at $7 Sales 9,376 units at $10 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost ______ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold: FIFO, LIFO, Average cost