Question 2

Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 394 units occurred on June 15 for a selling price of $7 and a sale of 49 units on June 27 for $8. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Moving-Average A The cost of the ending inventory $ A The cost of goods sold Cullumber Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 109 $5 $545 12 Purchases 335 6 2,010 23 Purchases 204 1,428 30 Inventory 205 A sale of 394 units occurred on June 15 for a selling price of $7 and a sale of 49 units on June 27 for $8. Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) June 1 $ June 12 $ June 15 $ June 23 $ June 27 $