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Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2022. Description Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity 100 139 113 10 55 5 86 19 Unit Cost or Selling Price $14 17 28 28 19 19 32 21

Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2022. Description Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity 100 139 113 10 55 5 86 19 Unit Cost or Selling Price $14 17 28 28 19 19 32 21

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity 100 139 113 10 55 5 86 19 Unit Cost or Selling Price $14 17 28 28 19 19 32 21
Transcribed Image Text:Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity 100 139 113 10 55 5 86 19 Unit Cost or Selling Price $14 17 28 28 19 19 32 21
(a2) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) Cost of goods sold Ending inventory Gross profit $ 60 $ 69 LIFO $ $ $ 225 FIFO $ $ 69 $ Moving-average
Transcribed Image Text:(a2) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to O decimal places, e.g. 1,250.) Cost of goods sold Ending inventory Gross profit $ 60 $ 69 LIFO $ $ $ 225 FIFO $ $ 69 $ Moving-average
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