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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 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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