Question
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June. June 1 Balance 303 units @ $14 June
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June.
June 1 | Balance | 303 units @ $14 | June 10 | Sold | 201 units @ $34 | |||||
---|---|---|---|---|---|---|---|---|---|---|
11 | Purchased | 798 units @ $17 | 15 | Sold | 498 units @ $35 | |||||
20 | Purchased | 497 units @ $18 | 27 | Sold | 299 units @ $38 |
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
(1) LIFO | (2) FIFO | |||
---|---|---|---|---|
Cost of Goods Sold | $enter a dollar amount | $enter a dollar amount | ||
Ending Inventory | $enter a dollar amount | $enter a dollar amount |
eTextbook and Media
Incorrect answer iconYour answer is incorrect.
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
The ending inventory at LIFO | $enter The ending inventory at LIFO in dollars |
eTextbook and Media
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
Gross Profit (FIFO) | $enter the Gross Profit (FIFO) in dollars |
eTextbook and Media
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