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You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble Corp. uses a periodic method for inventory. Date Description
You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble Corp. uses a periodic method for inventory.
Date | Description | Units | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 63 | $23 | |||
Oct. 9 | Purchase | 117 | 25 | |||
Oct. 11 | Sale | 110 | 35 | |||
Oct. 17 | Purchase | 104 | 26 | |||
Oct. 22 | Sale | 63 | 40 | |||
Oct. 25 | Purchase | 67 | 28 | |||
Oct. 29 | Sale | 106 | 40 |
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
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