Bramble Corp. has the following data related to an item of inventory: Inventory, March 1 440 units @ $1.80 Purchase, March 7 1390 units @ $1.90 Purchase, March 16 340 units @ $1.95 Inventory, March 31 500 units The value assigned to cost of goods sold if Bramble uses FIFO is O $3129. O $906. O $3190. O $965.

Bramble Corp. has the following data related to an item of inventory: Inventory, March 1 440 units @ $1.80 Purchase, March 7 1390 units @ $1.90 Purchase, March 16 340 units @ $1.95 Inventory, March 31 500 units The value assigned to cost of goods sold if Bramble uses FIFO is O $3129. O $906. O $3190. O $965.

Name: Question 44 of 50View PoliciesCurrent Attempt in ProgressBramble Corp
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Question 44 of 50View PoliciesCurrent Attempt in ProgressBramble Corp. has the following data related to an item of inventory:Inventory, March 1440 units @ $1.80Purchase, March 71390 units @$1.90Purchase, March 16340 units @ $1.95Inventory, March 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
The following transactions happened for a retailer in January: Date Transaction # of Units Cost per Unit 1/1 Beginning Inventory 300 $7 1/8 Purchase 450 $8 1/12 Sale 350 1/29 Purchase 750 $9 1/30 Sale 550 Required Calculate cost of goods sold and ending inventory for the following cost flow assumptions (perpetual inventory system): LIFO; FIFO; Average Cost.
Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 1955 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
Subject: accounting
Sunland has the following inventory information. July 1 Beginning Inventory 15 units at $270 $18 7 Purchases 75 units at $21 1575 22 Purchases 10 units at $23 230 $2075 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is O $1280. O $1230. $1256. O $1237.
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
The accounting records of Wildhorse Ag. Implements shows the following data. Beginning inventory 4,880 units at $5 = $ 24,400 Purchases 7,320 units at $6 43,920 Sales 8,540 units at $12 0 $ 68,320 Determine the cost of goods sold during the period under a periodic system using average-cost. (Round weighted-average unit cost to 2 decimal places and final answers to O decimal places.) SA Total Cost Ending Inventory Units ÷ Step 1 Ending Inventory Total Units Unit Cost = Weighted-Average Unit Cost tA Total Cost