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Bramble Corp. is a retailer operating in Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts
Bramble Corp. is a retailer operating in Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Corp. for the month of January 2017.
Bramble Corp. is a retailer operating in Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Corp. for the month of January 2017. Description Date Quantity Unit Cost or Selling Price $18 Dec. 31 Ending inventory 156 109 Jan. 2 Purchase 20 Sale Jan. 6 181 41 Jan. 9 Purchase 78 22 Jan. 10 Sale 46 48 Jan. 23 Purchase 105 23 140 Jan. 30 Sale 49 Your answer is partially correct Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 $ Jan. 2 Jan. 6 $ Jan. 9 Jan, 10 $ 20.35 Jan. 23 $ Jan, 30 $ 21.62 Your answer is partially correct. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (ii gross profit. (Round answers to 0 decimal places, eg. 125.) (1) LIFO (2) FIFO. (3) Moving-average. Moving-average LIFO FIFO $ $ Cost of goods sold 7410 7697 7302 $ Ending inventory 16489 16489 16489 Gross profit 8792 9187 9079Step by Step Solution
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