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Exercise 8-9 (Part Level Submission) Cullumber Company sells one product. Presented below is information for January...

Exercise 8-9 (Part Level Submission)

Cullumber Company sells one product. Presented below is information for January for Cullumber Company.

Jan. 1 Inventory 113 units at $4 each
4 Sale 92 units at $8 each
11 Purchase 141 units at $6 each
13 Sale 112 units at $9 each
20 Purchase 154 units at $7 each
27 Sale 93 units at $11 each


Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

All purchases and sales are on account. Assume Cullumber uses a perpetual system. Prepare all necessary journal entries.

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