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You are provided with the following information for Cullumber Inc. for the month ended June 30, 2019. Cullumber uses the periodic method for inventory Date
You are provided with the following information for Cullumber Inc. for the month ended June 30, 2019. Cullumber uses the periodic method for inventory Date June Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase Unit Cost or Selling Price $38 42 67 67 Description Quantity 38 135 105 12 52 62 72 25 48 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $ 42.89 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average- cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, e.g. 1,250. Use weighted- average unit cost rounded to 2 decimal places for computations.) LIFO FIFO AVERAGE-COST The ending inventory $ The cost of goods sold $ Gross profit
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