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You have the following information for Bramble Inc. Bramble Inc. uses the periodic method of accounting for its inventory transactions. MarchMarchMarchMarchMarchMarch135102030Beginninginventory2,100litersatacostof80[[perliter.Purchased2,500litersatacostof82perliter.Sold2,300litersfor$1.05perliter.Purchased4,000litersatacostof89perliter.Purchased2,500litersatacostof97perliter.Sold5,100litersfor$1.25perliter. (a1) Calculate the value
You have the following information for Bramble Inc. Bramble Inc. uses the periodic method of accounting for its inventory transactions. MarchMarchMarchMarchMarchMarch135102030Beginninginventory2,100litersatacostof80[[perliter.Purchased2,500litersatacostof82perliter.Sold2,300litersfor$1.05perliter.Purchased4,000litersatacostof89perliter.Purchased2,500litersatacostof97perliter.Sold5,100litersfor$1.25perliter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO
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