Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning...
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Accounting
Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 84 units at a cost of $ 6 per unit. During April, the following purchases and sales were made.
Purchases
April 7
74
units at $ 7.00
13
148
units at $ 8.00
23
118
units at $ 9.00
29
55
units at $ 10.00
395
Sales
April 5
148
units at $ 20
11
118
units at $ 20
20
108
units at $ 20
30
54
units at $ 20
428
Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)
(a)
Average-cost - Ending Inventory
$ enter a dollar amount
Cost of Goods Sold
$ enter a dollar amount
(b)
FIFO - Ending Inventory
$ enter a dollar amount
Cost of Goods Sold
$ enter a dollar amount
(c)
LIFO - Ending Inventory
$ enter a dollar amount
Cost of Goods Sold
$ enter a dollar amount
Answer & Explanation
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