Bramble Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Price Total Balance, 150 $5 $750 1/1/20 Purchase, 140 5.50 770 1/15/20 Purchase, 140 5.30 742 1/28/20 An end of the month (1/31/20) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? O $852 O $842 O $800 O $940

Bramble Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Price Total Balance, 150 $5 $750 1/1/20 Purchase, 140 5.50 770 1/15/20 Purchase, 140 5.30 742 1/28/20 An end of the month (1/31/20) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? O $852 O $842 O $800 O $940

Name: Bramble Company uses a periodic inventory system. Details for the inv
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Description: Bramble Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:Per UnitUnitsTotalPriceBalance,150$5$7501/1/20Purchase,1405.507701/15/20Purchase,1405.307421/28/20An end of the month (

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1982. In 2021, the company decided to change to the average cost method. Data for 2021 are as follows: Beginning inventory, FIFO (6,500 units @ $45.00) Purchases: 6,500 units @ $51.00 6,500 units @ $55.00 Cost of goods available for sale Sales for 2021 (11,000 units @ $85.00) Additional information: 1. The company's effective income tax rate is 25% for all years. 2. If the company had used the average cost method prior to 2021, ending inventory for 2020 would have been $266,500. 3. 8,500 units remained in inventory at the end of 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. $331,500 357,500 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in principle. 2. In the 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported…
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