Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 62 units at a
Cullumber Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 62 units at a cost of $6 per unit. During April, the following purchases and sales were made. April 7 (a) 13 April 5 (b) 23 (c) 29 11 20 30 Purchases 52 104 74 42 272 Sales 104 units at $20 units at $20 64 units at $20 units at $20 74 32 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.) units at $7.00 units at $8.00 units at $9.00 units at $10.00 274 Average-cost-Ending Inventory FIFO -Ending Inventory LIFO-Ending Inventory +A Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold 10 $ $
Step by Step Solution
★★★★★
3.45 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
To compute the April 30 ending inventory and April cost of goods sold under a average cost b FIFO an...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started