Date Purchases Sold Balance Feb. 1 1,700 @ $4.00 1,700 units Feb. 10 5,000 @ $4.40 6,700 units Feb. 21 3,400 units 3,300 units Feb. 28 2,400 @ $4.75 5,700 units Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 14,280 Ending inventory 25,920 Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Date Purchases Sold Balance Feb. 1 1,700 @ $4.00 1,700 units Feb. 10 5,000 @ $4.40 6,700 units Feb. 21 3,400 units 3,300 units Feb. 28 2,400 @ $4.75 5,700 units Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 14,280 Ending inventory 25,920 Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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Question
Assume that Cullumber Company has the following transactions in its first month of operations.
|
Date
|
Purchases
|
Sold
|
Balance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
| Feb. | 1 | 1,700 @ $4.00 | 1,700 | units | |||||
| Feb. | 10 | 5,000 @ $4.40 | 6,700 | units | |||||
| Feb. | 21 | 3,400 | units | 3,300 | units | ||||
| Feb. | 28 | 2,400 @ $4.75 | 5,700 | units |
Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the FIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)
| FIFO | ||
|---|---|---|
| Cost of goods sold | 14,280 | |
| Ending inventory | 25,920 |
Compute cost of goods sold and ending inventory at February 28, assuming Cullumber uses a perpetual inventory system and the LIFO cost flow assumption. (Round answers to 0 decimal places, e.g. 1,245.)
| LIFO | ||
|---|---|---|
| Cost of goods sold | $enter a dollar amount | |
| Ending inventory | $enter a dollar amount |
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