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Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of
Cullumber Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Cullumber had 60 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1.250.) The cost of the ending inventory $ The cost of goods sold FIFO 7,800 $ LIFO Average-cost 6,000 $ 7.200 28.200 $ 30,000 $ 28,800 Which cost flow method would result in the highest net income? Which cost flow method would result in inventories approximating current cost in the balance sheet? Which cost flow method would result in the highest net income? Which cost flow method would result in inventories approximating current cost in the balance sheet? Which cost flow method would result in Cullumber paying the least taxes in the first year?
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