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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)

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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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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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