Problem 6-3A (Part Level Submission) Cullumber Company had a beginning inventory

Question

Problem 6-3A (Part Level Submission) Cullumber Company had a beginning inventory of 107 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 570 units at 9Aug. 12 383 nits at $11 May 5 470 units at $10 Dec. 8 108 units at $12 Cullumber Company uses a periodic inventory system. Sales totaled 1,476 units. (a) Your answer is correct. (a) Determine the cost of goods available for sale. The cost of goods available for sale 16195 (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125) Average Cost 9.887

Explanation / Answer

Ending inventory units = (107+570+470+383+108)-1476= 162 b FIFO: Ending inventory 1890 =(108*12)+(54*11) Cost of goods sold 14305 =16195-1890 LIFO: Ending inventory 1351 =(107*8)+(55*9) Cost of goods sold 14844 =16195-1351 Average cost: Ending inventory 1602 =162*9.887 Cost of goods sold 14593 =16195-1602

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.