You are given the following information for Cullumber Company for the month ended November 30, 2021:

Date		Description		Units					Unit Price
Nov. 1		Beginning inventory			63				$52
9		Purchase			100				44
15		Sale			(115	)
22		Purchase			145				42
29		Sale			(150	)
30		Purchase			46				40

Cullumber Company uses a perpetual inventory system. All sales and purchases are on account.

Calculate the cost of goods sold and the ending inventory using weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 5,275.75.)

Cost of goods sold		$
Ending inventory		$

Question Part Score

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Assume the sales price was $59 per unit for the goods sold on November 15. Prepare the journal entry to record the November 15 sale. (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 0 for the amounts. Round the average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 5,275.75)

Date	Account Titles and Explanation	Debit	Credit
Nov. 15
	(To record sales on account.)
Nov. 15
	(To record cost of goods sold.)

Question Part Score

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If the company changes from weighted average to FIFO and prices continue to fall, would you expect the cost of goods sold and ending inventory amounts to be higher or lower?

If prices continue to fall, the FIFO cost formula will continue to yield higherlower ending inventory and higherlower cost of