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Calculate the ending inventory and the cost of goods sold

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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.

Reference no: EM131730431

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