Question

Exercise 211 (Part Level Submission) Culver Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost 180 $4 $720 Inventory Purchase June 1 12 23 30 4205 6006 224 2,100 3,600 Purchase Inventory (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending inventory Cost of goods sold & Click if you would like to Show Work for this question: Open Show Work

Answer 1

Cost of Ending Cost of Goods sold FIFO 1344 5076 LIFO 940 5480 Average Cost 1198 5222 Inventory Balance Cost Per Ending Unit Inventory # of Units Periodic: FIFO Goods Purchasd Cost of Goods Sold Cost of cost of Goods # of Units Goods # of Units Cost Per Unit Available for sales sold Cost Per Unit Sold Beginning onventory 180 720 180 720 Purchases Jun-12 420 2100 420 2100 Jun-23 600 3600 376 2256 Totals 1200 976 5076 1344 1344 64201 224

720 224 Periodic : LIFO Goods Purchasd Cost of Goods Sold I Inventory Balance Cost of cost of Goods # of Units Goods Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Sold # of Units Unit Inventory Beginning onventory 180 7201 0 180 Purchases Jun-12 420 2100 376 5. 1880 5 220 Jun-23 600 3600 600 6 3600 60 Totals 1200 6420 976 5480 940 Periodic : Weighted Average Goods Purchasd Cost of Goods Sold Inventory Balance # of Cost of Cost Per cost of Goods Cost Per Ending # of Units Units Cost Per Unit Goods # of Units Available for sales Unit Inventory sold Sold Beginning onventory 180 720 Purchases Jun-12 4205 2100 Jun-23600 3600 Totals 12001 5.350 6420 976 5.35 5222 224 5.350 1198 Unit Weighted Average Unit Cost = (6420/12002 5.350