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Cullumber Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cullumber's purchases and sales
Cullumber Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Cullumber's purchases and sales of the ultra-lightweight snowboard in October: Date Transaction Units Unit Purchase Price Unit Sales Price Oct. 1 Beginning inventory 25 $295 10 Purchase 30 301 12 Sale (42) $466 13 Purchase 35 55 NN 25 Sale (45) 27 Purchase 20 20 309 316 476 Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Cullumber uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.) Ending inventory Cost of goods sold $ FIFO Weighted Average
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