Cullumber Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Beginning...
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Cullumber Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Beginning inventory 23 units @ $22 per unit Jul 7 Purchases 73 units @ $26 per unit Jul 8 Sales 53 units Jul 9 Sales 28 units Jul 10 Purchases 53 units @ $25 per unit Jul 22 Sales 43 units Total cost of goods sold for the month of July is $3832 $3104 $3885 $3313
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