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Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 151 tents. This consists of 50
Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 151 tents. This consists of 50 tents purchased in February at a cost of $214 each and 101 tents purchased in March at a cost of $229 each. During April, the company had the following purchases and sales of tents:
Purchases Sales Date Units Unit Cost Units Unit Price
Apr. 3 75 $405
10 200 $277
17 257 405
24 301 295
30 210 405
Determine the cost of goods sold and the cost of the ending inventory using FIFO.
Cost of goods sold | $ | ||
Cost of the ending inventory | $ |
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