Question
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 2022.
Date | Description | Quantity | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Dec. 31 | Ending inventory | 156 | $18 | |||
Jan. 2 | Purchase | 109 | 20 | |||
Jan. 6 | Sale | 181 | 41 | |||
Jan. 9 | Purchase | 78 | 22 | |||
Jan. 10 | Sale | 48 | 46 | |||
Jan. 23 | Purchase | 105 | 23 | |||
Jan. 30 | Sale | 140 | 49 |
For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
LIFO | FIFO | Moving-average | ||||
---|---|---|---|---|---|---|
Cost of goods sold | $enter the cost of goods sold amount as per LIFO in dollars | $enter the cost of goods sold amount as per FIFO in dollars | $enter the cost of goods sold amount as per Average-cost in dollars | |||
Ending inventory | $enter the ending inventory amount as per LIFO in dollars | $enter the ending inventory amount as per FIFO in dollars | $enter the ending inventory amount as per Average-cost in dollars | |||
Gross profit | $enter the gross profit amount as per LIFO in dollars | $enter the gross profit amount as per FIFO in dollars | $enter the gross profit amount as per Average-cost in dollars |
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