Question - Cullumber Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July:
| Units |
Unit Cost
|
Total Cost
|
July 1
|
Inventory on hand
|
150
|
$5.00 |
$750.00
|
12
|
Purchase
|
230
|
6.75
|
1,552.50 |
| 20 |
Purchase
|
(250) |
| 28 |
Purchase
|
490 |
7.00
|
3,430.00
|
A physical inventory count determined that 620 units were on hand at July 31.
Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average.