Bramble Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost 10100 $9.40 9100 November 8 5700 $182500. $183300. $39940. $183900. 9.00 8.00 A physical inventory on December 31 shows 4100 units on hand. Bramble sells the units for $12 each. The company has an effective tax rate of 20%. Bramble uses the periodic inventory method. Under the LIFO method, cost of goods sold is

Bramble Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost 10100 $9.40 9100 November 8 5700 $182500. $183300. $39940. $183900. 9.00 8.00 A physical inventory on December 31 shows 4100 units on hand. Bramble sells the units for $12 each. The company has an effective tax rate of 20%. Bramble uses the periodic inventory method. Under the LIFO method, cost of goods sold is

Name: Bramble Company's inventory records show the following data:Inventory
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Bramble Company's inventory records show the following data:Inventory: January 1Purchases:June 18November 8Units Unit Cost$9.40$182500.$183300.$39940.$183900.10100910057009.008.00A physical inventory on December 31 shows 4100 units on hand. Bramble

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

See similar textbooks

Similar questions

Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Oriole Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost O $7.70. O $8.00. O $7.55. O $7.40. 10000 8500 November 8 6500 $9.40 7.00 6.00 A physical inventory on December 31 shows 4500 units on hand. Oriole sells the units for $13 each. The company has an effective tax rate of 18%. Oriole uses the periodic inventory method. The weighted-average cost per unit is
Coronado Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 O $163700. O $35720. O $162900. O $164300. Save for Lator Units Unit Cost 7 9900 8600 6100 $8.80 A physical inventory on December 31 shows 3900 units on hand. Coronado sells the units for $11 each. The company has an effective tax rate of 22%. Coronado uses the periodic inventory method. Under the LIFO method, cost of goods sold is 8.00 7.00 6 55° AQI 66 somo's izzeria States Attempts: 0 of 1 used Wil Submit Answer El Pueblo Mexican Restaurant, LLC
Swifty Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.00 Purchases: June 18 9000 9.00 November 8 6000 6.00 A physical inventory on December 31 shows 4300 units on hand. Swifty sells the units for $14 each. The company has an effective tax rate of 22%. Swifty uses the periodic inventory method. The weighted-average cost per unit is $8.14. $8.28. $9.10. $8.04. O O O
Waterway Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 8600 9.00 November 8 6200 6.00 A physical inventory on December 31 shows 4000 units on hand. Waterway sells the units for $13 each. The company has an effective tax rate of 20%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?
Vaughn Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 9500 9.00 November 8 6400 5.00 A physical inventory on December 31 shows 4100 units on hand. Vaughn sells the units for $15 each. The company has an effective tax rate of 20%. Vaughn uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used? $2470 additional taxes $2676 tax savings $3444 additional taxes $2676 additional taxes