Culver Inc. is a retailer using a perpetual inventory system. All sales returns from customers...
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Culver Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Culver Inc. for the month of January Date Quantity Unit Cost or Selling Price Description Beginning inventory Dec. 31 160 $21 Jan. 2 Purchase 100 22 Jan. 6 Sale 180 41 Jan. 9 Sale return 10 41 Jan. 9 Purchase 75 24 Jan. 10 Purchase return 15 24 Jan. 10 Sale 50 46 Jan 23 Purchase 100 27 Jan. 30 Sale 120 49 Using Average method, calculate (1) cost of goods sold. (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decimal places, eg, 5.252 and final answers to 2 decimal places, eg 5.25.) Cost of goods sold $ Ending Inventory $ Gross Profit $
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