Cullumber Company has the following cost and net realizable value data at December 31, 2021:...

80.2K

Verified Solution

Question

Accounting

image

Cullumber Company has the following cost and net realizable value data at December 31, 2021: Inventory Categories Personal computers Servers Total solution printers Cost $25,000 19,000 10,000 Net Realizable Value $21,500 19,500 8,900 Cullumber's cost of goods sold for 2021 was $419,100. What is the correct ending inventory that should be reported on the balance sheet on December 31, 2021? Correct ending inventory $ What is the correct cost of goods sold that should be reported on the income statement for the year ended December 31, 2021? Correct cost of goods sold $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students