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Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600
Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,600 units were on hand at the end of the month. Date Explanation Units Units Cost Total Cost June 1 Beginning inventory 1,510 $6 $9,060 12 Purchases 2,520 7 17,640 16 Purchases 4,320 8 34,560 23 Purchases 1,490 9 13,410 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to the nearest whole dollar, eg. 5,275 and Average cost answers to 2 decimal places, eg. 15.25. Round unit cost to 6 decimal places. e.g. 15.243876) Cost of the ending inventory Cost of goods sold $ FIFO $ Average
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