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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) 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

FINANCIAL ACCOUNTING
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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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
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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