**Bramble Ltd. Inventory Transactions for June**Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,590 units were on hand at the end of the month.| Date | Explanation | Units | Units Cost | Total Cost ||--------|---------------------|-------|------------|------------|| June 1 | Beginning inventory | 1,510 | $6 | $9,060 || 12 | Purchases | 2,520 | $7 | $17,640 || 16 | Purchases | 4,320 | $8 | $34,560 || 23 | Purchases | 1,490 | $9 | $13,410 |Calculate the cost of the ending inventory and cost of goods sold using:1. FIFO (First-In, First-Out)2. Average cost *Round FIFO answers to 0 decimal places, e.g., $5,275 and Average cost answers to 2 decimal places, e.g., $5,275.25.***FIFO Calculation**- **Ending Inventory:** - $- **Cost of Goods Sold:** - $**Average Cost Calculation**- **Ending Inventory:** - $- **Cost of Goods Sold:** - $

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Description: **Bramble Ltd. Inventory Transactions for June**Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,590 units were on hand at the end of the mon

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Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1.590 units were on hand at the end of the month. Date Explanation June 1 Beginning inventory Purchases 12 16 23 Purchases Purchases Units 1,510 2.520 4.320 1,490 Units Cost $6 7 8 9 Total Cost $9,060 17,640 34,560 13,410 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to O decimal places, eg 5,275 and Average cost answers to 2 decimal places, eg. 5,275.25.)

Bramble Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1.590 units were on hand at the end of the month. Date Explanation June 1 Beginning inventory Purchases 12 16 23 Purchases Purchases Units 1,510 2.520 4.320 1,490 Units Cost $6 7 8 9 Total Cost $9,060 17,640 34,560 13,410 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to O decimal places, eg 5,275 and Average cost answers to 2 decimal places, eg. 5,275.25.)

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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