Bramble Company reports the following for the month of June. Assume a sale of 500 units occurred on June 15 for a selling price of $12 and a sale of 450 units on June 27 for $13 . a1. Calculate cost of goods available for sale. The cost of goods available for sale a2. Calculate Moving-Average unit cost for June 1,12,15,23 & 27 a3. Calculate the cost of the amount ending inventory and the cost of goods sold for each cost flow assumption using a perpetual inventory system

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Bramble Company reports the following for the month of June. Assume a sale of 500 units occurred on June 15 for a selling price of $12 and a sale of 450 units on June 27 for $13 . a1. Calculate cost of goods available for sale. The cost of goods available for sale a2. Calculate Moving-Average unit cost for June 1,12,15,23 & 27 a3. Calculate the cost of the amount ending inventory and the cost of goods sold for each cost flow assumption using a perpetual inventory system
Unit
Date
Explanation
Units
Cost
Total Cost
June 1
Inventory
200
$7
$1,400
12
Purchase
400
10
4,000
23
Purchase
400
11
4,400
30
Inventory
50
Transcribed Image Text:Unit Date Explanation Units Cost Total Cost June 1 Inventory 200 $7 $1,400 12 Purchase 400 10 4,000 23 Purchase 400 11 4,400 30 Inventory 50
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

Blurred answer
Knowledge Booster
Trading
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education