Date Account Titles and Explanation Debit Credit Nov. 5 Purchases 2,340 Accounts Payable 2,340 Nov. 10 Accounts Receivable 7,790 Sales Revenue 7,790 Nov. 15 Purchases 5125 Accounts Payable 5125 Nov....

Cullumber Company sells one product. Presented below is information for January for Cullumber Company.

Nov. 1	Inventory	300	units at $ 12 each
5	Purchase	180	units at $ 13 each
10	Sale	410	units at $ 19 each
15	Purchase	410	units at $ 12.50 each
21	Sale	430	units at $ 20 each
30	Purchase	400	units at $ 12.80 each

Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.

Date<br>Account Titles and Explanation<br>Debit<br>Credit<br>Nov. 5<br>Purchases<br>2,340<br>Accounts Payable<br>2,340<br>Nov. 10<br>Accounts Receivable<br>7,790<br>Sales Revenue<br>7,790<br>Nov. 15<br>Purchases<br>5125<br>Accounts Payable<br>5125<br>Nov. 21<br>Accounts Receivable<br>8,600<br>Sales Revenue<br>8,600<br>Nov. 30<br>Purchases<br>5120<br>Accounts Payable<br>5120<br>Nov. 30<br>Inventory<br>5745<br>Cost of Goods Sold<br>10440<br>

Extracted text: Date Account Titles and Explanation Debit Credit Nov. 5 Purchases 2,340 Accounts Payable 2,340 Nov. 10 Accounts Receivable 7,790 Sales Revenue 7,790 Nov. 15 Purchases 5125 Accounts Payable 5125 Nov. 21 Accounts Receivable 8,600 Sales Revenue 8,600 Nov. 30 Purchases 5120 Accounts Payable 5120 Nov. 30 Inventory 5745 Cost of Goods Sold 10440

Compute gross profit using the periodic system.<br>Gross profit<br>%24<br>

Extracted text: Compute gross profit using the periodic system. Gross profit %24

Jun 10, 2022

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Date Account Titles and Explanation Debit Credit Nov. 5 Purchases 2,340 Accounts Payable 2,340 Nov. 10 Accounts Receivable 7,790 Sales Revenue 7,790 Nov. 15 Purchases 5125 Accounts Payable 5125 Nov....

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