Current Attempt in Progress On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 (a) Purchases 1,300 630 500 @ @ $4.10 $4.30 $4,70 Ending inventory Cost of goods sold May 3 * Your answer is incorrect. 16 $ 18 Sales 280 1,200 220 @ $7.00 Calculate the cost of goods sold and ending inventory using FIFO. FIFO @ $7.00 @ $7.50 7022 5134

Current Attempt in Progress On May 1, Cullumber Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 (a) 14 29 (a) Purchases 1,300 630 500 @ @ $4.10 $4.30 $4,70 Ending inventory Cost of goods sold May 3 * Your answer is incorrect. 16 $ 18 Sales 280 1,200 220 @ $7.00 Calculate the cost of goods sold and ending inventory using FIFO. FIFO @ $7.00 @ $7.50 7022 5134

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
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