Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Bramble Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming

image text in transcribed

Bramble Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the month of March. Price per Unit Units Total Residential Pumps Inventory at Feb. 28: 190 s 410 77,900 Purchases: March 10 March 20 March 30 510 380 320 450 $229,500 $490 186,200 $ 500 160,000 Sales: March 15 March 25 Inventory at March 31: 490 380 530 540 264,600 s 580 $220,400 Commercial Pumps Inventory at Feb. 28: 620 $ 820 508,400 Purchases: March 3 March 12 March 21 620 290 490 $ 900558,000 940 $272,600 $1,010 $494,900 Sales: March 18 March 29 Inventory at March 31: 910 620 490 1,090 $991,900o $1,130 700,600 Assuming Bramble uses a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under first-in, first-out (FIFo). Cost of inventory Cost of goods sold Assume Bramble uses dollar-value LIFO and one pool, consisting of the combination of residential and commercial pumps. Determine the cost of inventory on hand at March 31 and the cost of goods sold for March. Assume Bramble's initial adoption of LIFO is on March 1. Use the double-extension method to determine the appropriate price indices. (Hint: The price index for February 28/March 1 should be 1.00.) (Round Price Index to 3 decimal places e.g. 1.522 and other answers to 0 decimal places, e.g. 5,275.) Cost of inventory Cost of goods sold Price index

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions