In its first month of operations, Bramble Company made three purchases of merchandise in the following sequence: (1) 330 units at $6, (2) 430 units at $7, and (3) 210 units at $8. Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bramble uses a periodic inventory system. Cost of the ending inventory FIFO LIFO

In its first month of operations, Bramble Company made three purchases of merchandise in the following sequence: (1) 330 units at $6, (2) 430 units at $7, and (3) 210 units at $8. Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bramble uses a periodic inventory system. Cost of the ending inventory FIFO LIFO

Name: In its first month of operations, Bramble Company made three purchase
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: In its first month of operations, Bramble Company made three purchases of merchandise in the following sequence: (1) 330 units at $6,(2) 430 units at $7, and (3) 210 units at $8.Assuming there are 380 units on hand, compute the cost of the ending in

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

Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for 700 units at P210 each and another on January 31 for 500 units at P220 each. Sales were also made during the period; 500 unist were sold on January 8, and 800 units were sold on January 22. The company uses the FIFO method of inventory costing. 1. How much is the cost of goods purchased on January 18? 2. How much is the total cost of purchases during the period? 3.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70
Herdev
In its first month of operations, WeatherallCompany made three purchases of merchandise in the following sequence: (1) 300 units at $ 6, (2) 400 units at $ 7, and (3) 200 units at $ 8. Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand.
The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 270 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. I provided all that was givento answer my question A company's inventory records indicate the following data for the month of April: Units Acquired at Cost 770 units @ $36= $27,720 650 units @ $40 = $26,000 570 units @ $44 = $25,080 Date April 1 April 7 April 11 April 16 April 22 The comp Activities Beginning inventory Purchase Sale Purchase Sale Units Sold at Retail 1,140 units @ $110 400 units @ $110
In its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1) 240 units at $4, (2) 340 units at $6, and (3) 440 units at $7. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bramble Corp. uses a periodic inventory system. FIFO LIFO The Ending Inventory $Enter a dollar amount $Enter a dollar amount
A company uses a periodic inventory system. On April 1, the company had 9 items of beginning inventory with a cost of $13 per unit. On April 18, the company purchased 15 units at $14 per unit. Then, on April 29, the company sold 14 units. Using weighted average, the cost of the 14 units sold is closest to Cost of the units sold
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
nkt.1
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Assessment Tool iFrame Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($5 each) d. Sale ($5 each) Units 400 Unit Cost $ 3.00 300 460 3.40 4.00 (160) (700) Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this…