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 |
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