Cullumber Company uses a periodic inventory system and reports the following for the month of June....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 388 6 2,328 23 Purchases 215 7 1,505 30 Inventory 230 X Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost 6.12 eTextbook and Media X Your answer is incorrect. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory 2978 2$ 2846 $ The cost of goods sold 2$ 2846 2$ 2978 Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 388 6 2,328 23 Purchases 215 7 1,505 30 Inventory 230 X Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost 6.12 eTextbook and Media X Your answer is incorrect. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory 2978 2$ 2846 $ The cost of goods sold 2$ 2846 2$ 2978
Expert Answer:
Answer rating: 100% (QA)
Solution 1 Weighted average unit cost Cost of goods available for sales Units available for sales 65... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Flanagan Company reports the following for the month of June. Instructions(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual...
-
Yount Company reports the following for the month of June. Instructions(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual...
-
Kuchin Company reports the following for the month of June. Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO,(2) LIFO, and (3) average-cost.(b) Which...
-
The following is a comparative consolidated Statement of Financial Position for a particular firm X: Consolidated Balance Sheet (S in Millions) Current assets Cash and short-term investments Accounts...
-
a) Let c R, > 0, and set (K) = u + c for u R. Prove that if (, I) is a smooth parametrization of some curve, if J = -1(I), and if = o r, then (, j) is orientation equivalent to (, I). b) Prove...
-
Agnes passes away in 2022 and leaves her daughter, Sam, 100 shares of stock. Agnes purchased the stock for $1,000 over twenty-five years ago. It was worth $10,000 on the date of Agnes death. Sam...
-
Develop the appropriate primary research question to be associated with this design. Develop a hypothetical research scenario that would necessitate the use of an A-B-A Design. The research will be...
-
Peterman Co. was organized on July 1, 2012. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. Instructions (a) Journalize the...
-
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable Accumulated Depreciation-Building...
-
1. Develop a master schedule using the information above. 2. A customer has just requested a major order of 45 pumps for delivery in week 5. What would you tell the customer about having such an...
-
A store wants to predict quarterly sales. The owner has collected 3 years of sales data and wants your help in analyzing the data using the multiplicative seasonal effects model. A B C D E F G H I J...
-
You bought a revenue property on March 1, 2020. You paid $386,000 for the property and put 20% down. You took out a mortgage with a 25 year amortization and an initial 5-year fixed interest rate of...
-
A piece of tape has a charge of + 5 nC . How has the tape acquired this charge? A . It lost 3 . 1 x 1 0 ^ 1 0 electrons B . It lost 8 . 0 x 1 0 ^ - 2 8 electrons
-
Exercies 7: Reem took out a 20-year lon of 200,000 that she will pay off with quarterly payments. With the 40th payment, she will add an extra 20,000. She will make level quarterly payment of X,...
-
Solve this equation for u to obtain Stephan Boltzmann's law. In the big-bang theory, the radiation energy which is initially confined in a small region adiabatically expands in a spherically...
-
A stock has monthly returns of6.38% ,28.14% ,-4.29% , and-1.82% . What is the stock's geometric average return?
-
Both Sides: Does America Need A Wealth Tax? Analysis Questions: 1. Robert Reich argues that the current system discourages a sense of meritocracy, because the super rich can pass their wealth down to...
-
Which of the ocean zones shown would be home to each of the following organisms: lobster, coral, mussel, porpoise, and dragonfish? For those organisms you identify as living in the pelagic...
-
Redding Corp. significantly reduced its requirements for credit sales. As a result, sales during the current year increased dramatically. It had receivables at the beginning of the year of $38,000...
-
(a) What are the phases of the corporate life cycle? (b) What effect does each phase have on the numbers reported in a statement of cash flows?
-
(a) Identify three taxes commonly paid by employers on employees salaries and wages. (b) Where in the financial statements does the employer report taxes withheld from employees pay?
-
Whittier Construction Co. had followed the practice of expensing all materials assigned to a construction job without recognizing any residual inventory. On December 31, 2015, it was determined that...
-
In January 2014, installation costs of 6,000 on new equipment were charged to Maintenance and Repairs Expense. Other costs of this equipment of 30,000 were correctly recorded and have been...
-
How does an asset gain or loss develop in pension accounting?
Study smarter with the SolutionInn App