The following information is available forRiverbed Corpfor three recent fiscal years.

2022

2021

2020

Inventory$555,000$564,000$340,000Net sales1,865,0001,800,0001,345,000Cost of goods sold1,454,7001,220,400951,000

(a)

Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021.(Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)

Bramble Corp.markets CDs of numerous performing artists. At the beginning of March,Bramblehad in beginning inventory2,700CDs with a unit cost of $6. During March,Bramblemade the following purchases of CDs.

March 52,000@$7March 214,600@$9March 133,700@$8March 262,000@$10

During March11,900units were sold.Brambleuses a periodic inventory system.

(a)

Determine the cost of goods available for sale.

The cost of goods available for sale$

enter the cost of goods available for sale in dollars

Calculate Average Cost.(Round answer to 3 decimal places, e.g. 5.125.)

Average Cost$

enter an average cost in dollars

(b)

Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).(Round answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory$

enter a dollar amount

$

enter a dollar amount

$

enter a dollar amount

The cost of goods sold$

enter a dollar amount

$

enter a dollar amount

$

enter a dollar amount

Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

(1)select a method which

Average-cost

FIFO

LIFO

produces the highest inventory amount.(2)select a method which

Average-cost

FIFO

LIFO

produces the highest cost of goods sold.