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Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost/Price Total Cost
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:
Date | Explanation | Units | Unit Cost/Price | Total Cost | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Beginning inventory | 1,510 | $6 | $9,060 | |||||||||
12 | Purchases | 2,520 | 7 | 17,640 | ||||||||||
15 | Sale | (2,540 | ) | 12 | ||||||||||
16 | Purchases | 4,320 | 8 | 34,560 | ||||||||||
23 | Purchases | 1,490 | 9 | 13,410 | ||||||||||
27 | Sales | (5,710 | ) | 15 |
Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.)
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