Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are provided with the following information for Bramble Inc. for the month ended June 30, 2020. Bramble uses the periodic method for inventory. Date

You are provided with the following information for Bramble Inc. for the month ended June 30, 2020. Bramble uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or Selling Price

June 1 Beginning inventory 44 $42
June 4 Purchase 138 46
June 10 Sale 107 67
June 11 Sale return 12 67
June 18 Purchase 56 47
June 18 Purchase return 10 47
June 25 Sale 67 73
June 28 Purchase 33 51

(a1)

  • Your Answer
  • Correct Answer (Used)

Incorrect answer iconYour answer is incorrect.

Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit

$Enter the weighted-average cost per unit in dollars

eTextbook and Media

Solution

Attempts: 3 of 3 used

(a2)

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)

LIFO

FIFO

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

Gross profit

$Enter a dollar amount

$Enter a dollar amount

$Enter a dollar amount

Looking for answer for A2 please... the solution would be awesome

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

Step: 3

blur-text-image

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

Corporate Financial Reporting And Analysis A Global Perspective

Authors: S. David Young, Jacob Cohen, Daniel A. Bens

4th Edition

1119494575, 978-1119494577

More Books

Students also viewed these Accounting questions

Question

Know how to use reservations systems to inventory demand.

Answered: 1 week ago