Cullumber Company sells one product. Presented below is information for January for Cullumber Company.Nov. 1 Inventory 300units at $ 12 each5 Purchase 180units at $ 13 each10 Sale 410units at $ 19 each15 Purchase 410units at $ 12.50 each21 Sale 430units at $ 20 each30 Purchase 400units at $ 12.80 eachCullumber uses the FIFO cost flow assumption. All purchases and sales are on account. DateAccount Titles and ExplanationDebitCreditNov. 5Purchases2,340Accounts Payable2,340Nov. 10Accounts Receivable7,790Sales Revenue7,790Nov. 15Purchases5125Accounts Payable5125Nov. 21Accounts Receivable8,600Sales Revenue8,600Nov. 30Purchases5120Accounts Payable5120Nov. 30Inventory5745Cost of Goods Sold10440 Compute gross profit using the periodic system.Gross profit%24

Periodic Inventory system - The inventory quantity is determined periodically by physical count…

Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
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Nov. 1	Inventory	300	units at $ 12 each
5	Purchase	180	units at $ 13 each
10	Sale	410	units at $ 19 each
15	Purchase	410	units at $ 12.50 each
21	Sale	430	units at $ 20 each
30	Purchase	400	units at $ 12.80 each