Bramble Corp. has the following inventory data: July 1 Beginning Inventory 39 units at $20 $780 7 Purchases 137 units at $21 2877 22 Purchases 20 units at $22 440 $4097 A physical count of merchandise inventory on July 30 reveals that there are 49 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $3019. $3048. $3107. $2950. Splish Brothers Inc. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 360 $6.00 $2160 Purchase, 1/15/2022 180 ..6.40 1152 Purchase, 1/28/2022 180 ..6.60 1188 An end of the month (1/31/2022) inventory showed that 290 units were on hand. If the company uses FIFO and sells the units for $12 each, what is the gross profit for the month? $5160 $3480 $2608 $2552 Bramble Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 290 $5.00 $1450 Purchase, 1/15/2022 150 ..5.20 780 Purchase, 1/28/2022 150 ..5.40 810 An end of the month (1/31/2022) inventory showed that 240 units were on hand. If the company uses LIFO, what is the value of the ending inventory? $1278 $1840 $1248 $1200 Financial information is presented below: Operating expenses $ 44000 Sales revenue 220000 Cost of goods sold 153000 The gross profit rate would be 0.30. 0.70. 0.20. 0.10. Financial information is presented below: Operating expenses $ 28000 Sales returns and allowances 6000 Sales discounts 4000 Sales revenue 182000 Cost of goods sold 108000 The gross profit rate would be 0.37. 0.63. 0.41. 0.35. Financial information is presented below: Operating expenses $ 43000 Sales returns and allowances 12000 Sales discounts 5000 Sales revenue 170000 Cost of goods sold 104000 The gross profit rate would be 0.68. 0.39. 0.33. 0.32. Assume Tamarisk, Inc. uses the periodic inventory system and has a beginning inventory balance of $5100, purchases of $65000, and sales of $114000. Tamarisk closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was indeterminate. more than $5100. equal to $5100. Current Attempt in Progress ________________________________________ Financial information is presented below: Operating expenses $ 39000 Sales returns and allowances 15000 Sales discounts 3000 Sales revenue 152000 Cost of goods sold 108000 The amount of net sales on the income statement would be $152000. $134000. $149000. $137000. United Services and Supplies reports net income of $50000 and cost of goods sold of $335000. If US&Ss gross profit rate was 30%, net sales were $478571. $1116667. $1166667. $881667.