Reference no: EM132703067
Culver Corporation sells one product, with information for July as follows:
July1 Inventory 100 units at $16.00 each
4 Sale 80 units at $19.00 each
11 Purchase 150 units at $16.20 each
13 Sale 120 units at $18.60 each 20 Purchase 160 units at $17.40 each
27 Sale 100 units at $20.60 each
Culver uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.
Problem 1: Assume Culver uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units.
Problem 2: Calculate gross profit using the periodic system.
Problem 3: Assume Culver uses a perpetual system. Prepare all July journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Problem 4: Calculate gross profit using the perpetual system.
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