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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
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: 25 Date Transaction Units Oct. 1 Beginning inventory 10 Purchase 12 Sale 30 (42) 13 Purchase 25 Sale 27 Purchase Unit Purchase Price Unit Sales Price $298 304 $459 35 310 (45) 469 317 Assume that all of Cullumber's sales are for cash and all of its purchases are on account. (a) Record the purchase on October 10 and sale on October 12 for Cullumber Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.275 and final answers to 2 decimal places, eg 5,275.25. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) Date Account Titles Debit Credit (b) Record the purchase on October 13 and sale on October 25 for Cullumber Snowboards in a periodic inventory system under (1) FIFO and (2) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) Date Account Titles Periodic-FIFO Oct. 13 Debit Credit
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