Bramble Corp. markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 2,700 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs.

March 5		2,000		@		$7		March 21		4,600		@		$9
March 13		3,700		@		$8		March 26		2,000		@		$10

During March 11,900 units were sold. Bramble uses a periodic inventory system.

(a)

• Your Answer
• Correct Answer

Partially correct answer iconYour answer is partially correct.

Determine the cost of goods available for sale.

The cost of goods available for sale

$enter the cost of goods available for sale in dollars

Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average Cost

$enter an average cost in dollars

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Solution

List of Accounts

Attempts: 6 of 6 used

(b)

Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount