Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bramble Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were:
Bramble Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 610 units at 385 units at $9 $10 Aug. 12 Dec. 8. $11 $12 May 5 485 units at 100 units at Bramble Corp. uses a periodic inventory system. Sales totaled 1,440 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale 16575 Calculate average cost per unit. (Round answer to 3 decimal places, eg. 2.237.) Average cost per unit $ 9.866 e Textbook and Media Attempts: 1 of 5 used (62) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started