Question
Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being
Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2022.
Date | Description | Quantity | Unit Cost or Selling Price | ||||||
---|---|---|---|---|---|---|---|---|---|
January | 1 | Beginning inventory | 100 | $21 | |||||
January | 5 | Purchase | 148 | 24 | |||||
January | 8 | Sale | 115 | 36 | |||||
January | 10 | Sale return | 10 | 36 | |||||
January | 15 | Purchase | 55 | 26 | |||||
January | 16 | Purchase return | 5 | 26 | |||||
January | 20 | Sale | 93 | 41 | |||||
January | 25 | Purchase | 26 | 28 |
(a1)
Correct answer icon
Your answer is correct.
Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, e.g. 5.251.)
Moving-Average Cost per unit | ||
---|---|---|
January 1 | $enter a dollar amount rounded to 3 decimal places | |
January 5 | $enter a dollar amount rounded to 3 decimal places | |
January 8 | $enter a dollar amount rounded to 3 decimal places | |
January 10 | $enter a dollar amount rounded to 3 decimal places | |
January 15 | $enter a dollar amount rounded to 3 decimal places | |
January 16 | $enter a dollar amount rounded to 3 decimal places | |
January 20 | $enter a dollar amount rounded to 3 decimal places | |
January 25 | $enter a dollar amount rounded to 3 decimal places |
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(a2)
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Your answer is incorrect.
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)
LIFO | FIFO | Moving-average | ||||
---|---|---|---|---|---|---|
Cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Ending inventory | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Gross profit | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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