Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have answered all the parts however, the third part of question is saying its wrong. I need assistance with ending inventory is lower than

I have answered all the parts however, the third part of question is saying its wrong. I need assistance with "ending inventory is lower than FIFO $ and higher than LIFO $. The next part I need help on that its saying its wrong is the bottom where it says "In contrast cost of goods sold is higher than FIFO $ and lower than LIFO $. Both answers are in red due to being incorrect after multiple attempts. Please help.image text in transcribedimage text in transcribed

Question being asked - Bramble Corp. uses the periodic inventory system and reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 330 $5 $ 1,650 12 Purchase 660 9 5,940 23 Purchase 495 10 4,950 30 Inventory 165 Correct answer. Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $enter Weighted Average Unit Cost in dollars rounded to 2 decimal placesEntry field with correct answer 8.44 LINK TO TEXT Correct answer. Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory $enter a dollar amount rounded to 0 decimal placesEntry field with correct answer 1,392 The cost of goods sold $enter a dollar amount rounded to 0 decimal placesEntry field with correct answer 11,148 LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is select an optionEntry field with correct answer than FIFO $enter a dollar amountEntry field with incorrect answer 258 and select an optionEntry field with correct answer than LIFO $enter a dollar amountEntry field with incorrect answer 567 . In contrast, cost of goods sold is select an optionEntry field with correct answer than FIFO $enter a dollar amountEntry field with incorrect answer 258 and select an optionEntry field with correct answer than LIFO $enter a dollar amountEntry field with incorrect answer 567 . Click if you would like to Show Work for this question: Open Show Work

Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to I decimal places, e.g. 1,250.) The ending inventory 1,392 The cost of goods sold T 11,148 LINK TO TEXT Your answer is partially correct. Try again. will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory Tower") chan tro L 252) Panohar vshan uro L Tiober *) than tiro L 2 m. Flower 57 than ito x sa Click if you would like to show Work for this question: Open Show Work Exercise 6-9 Bramble Corp. uses the periodic inventory system and reports the following for the month of June. June 1 Inventory Purchase Purchase Inventory Units Unit Cost 330 6609 495 10 165 Total Cost $ 1,650 5,940 4,950 30 Your answer is correct. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost 1 8:49 LINK TO TEXT Your answer is correct. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to o decimal places, e.g. 1,250.) The ending inventory 1.3921

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions

Question

Where do we still have potential?

Answered: 1 week ago

Question

=+Differentiate between social media roles

Answered: 1 week ago