Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June. June 1 (a) 11 20 (b) Balance Purchased (c) Purchased Your answer is correct. Cost of goods sold Ending inventory $ $ 303 units @ $14 798 units @ $17 497 units @ $18 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. eTextbook and Media Your answer is correct. The ending inventory at LIFO $ eTextbook and Media (1) LIFO Your answer is correct. June 10 Gross profit (FIFO) $ 17463 9291 15 27 Sold 19569 $ Sold Sold $ Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? 201 units @ $34 498 units @ $35 299 units @ $38 10092 (2) FIFO 16057 10697 Attempts: 2 of 5 used Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Attempts: 1 of 5 used
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June. June 1 (a) 11 20 (b) Balance Purchased (c) Purchased Your answer is correct. Cost of goods sold Ending inventory $ $ 303 units @ $14 798 units @ $17 497 units @ $18 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. eTextbook and Media Your answer is correct. The ending inventory at LIFO $ eTextbook and Media (1) LIFO Your answer is correct. June 10 Gross profit (FIFO) $ 17463 9291 15 27 Sold 19569 $ Sold Sold $ Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? 201 units @ $34 498 units @ $35 299 units @ $38 10092 (2) FIFO 16057 10697 Attempts: 2 of 5 used Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Attempts: 1 of 5 used
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Intermediate Accounting 105
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![Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June.
June 1
(a)
11
20
(b)
(c)
Balance
Purchased
Purchased
Your answer is correct.
Cost of goods sold $
Ending inventory
$
303 units @ $14
798 units @ $17
497 units @ $18
eTextbook and Media
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
Your answer is correct.
The ending inventory at LIFO $
e Textbook and Media
(1)
LIFO
Your answer is correct.
June 10
Gross profit (FIFO) $
17463
9291
15
27
$
19569
$
Sold
Sold
10092
Sold
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of
the ending inventory at LIFO?
201 units @ $34
498 units @ $35
299 units @ $38
(2)
FIFO
16057
10697
Attempts: 2 of 5 used
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross
profit if the inventory is valued at FIFO?
Attempts: 1 of 5 used](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F717b76b4-160b-4d09-bf30-5738b03be980%2F76daf4a0-3875-4efb-b6e7-a442ab9ad10b%2Ffg7jnk_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June.
June 1
(a)
11
20
(b)
(c)
Balance
Purchased
Purchased
Your answer is correct.
Cost of goods sold $
Ending inventory
$
303 units @ $14
798 units @ $17
497 units @ $18
eTextbook and Media
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
Your answer is correct.
The ending inventory at LIFO $
e Textbook and Media
(1)
LIFO
Your answer is correct.
June 10
Gross profit (FIFO) $
17463
9291
15
27
$
19569
$
Sold
Sold
10092
Sold
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of
the ending inventory at LIFO?
201 units @ $34
498 units @ $35
299 units @ $38
(2)
FIFO
16057
10697
Attempts: 2 of 5 used
Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross
profit if the inventory is valued at FIFO?
Attempts: 1 of 5 used
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