Question
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
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