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Cullumber Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cullumber's purchases and sales of the ultra-lightweight snowboard in October: Unit Sales Price Unit Purchase Price $304 310 Date Oct. 1 10 12 13 25 27 Transaction Beginning inventory Purchase Sale Purchase Sale Purchase Units 25 30 (42) 35 (45) 20 $465 316 475 322 Assume that all of Cullumber's sales are for cash and all of its purchases are on account. Record the purchase on October 10 and sale on October 12 for Cullumber Company in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to three decimal places, eg. 5.275 and final answers to 2 decimal places, eg. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Perpetual - FIFO Oct. Merchandise Inventory 10 9300 Accounts Payable 9300 (To record purchase on account.) Oct. 12 Cash 19530 Sales 19530 (To record cash sales.) Oct Oct. 12 Cost of Goods Sold 12870 Merchandise Inventory 12870 (To record cost of goods sold.) Perpetual -Weighted Average Oct. Merchandise Inventory 10 9300 Accounts Payable (To record purchase on account.) 9300 Oct. 12 Cash 19530 Sales 19530 (To record cash sales.) Oct. 12 Cost of Goods Sold 12905,47 Merchandise Inventory 12905.47 (To record cost of goods sold.) Record the purchase on October 13 and sale on October 25 for Cullumber Company in a periodic inventory system under (1) FIFO and (2) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Periodic-FIFO Oct. 13 (To record purchase on account.) Oct. 25 (To record cash sales.) Periodic-Weighted Average Oct. 13 (To record purchase on account.) Oct. 25 (To record cash sales.)

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