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Calculate gross profit using the perpetual system

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Question - Culver Corporation sells one product, with information for July as follows:

July 1 Inventory 100 units at $16.00 each

July 4 Sale 80 units at $19.00 each

July 11 Purchase 150 units at $16.20 each

July 13 Sale 120 units at $18.60 each

July 20 Purchase 160 units at $17.40 each

July 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.

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.

Calculate gross profit using the periodic system.

Assume Culver uses a perpetual system. Prepare all July journal entries.

Calculate gross profit using the perpetual system.

Reference no: EM132726891

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