AVERAGE-COST Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory The cost of goods sold Gross profit A A A LIFO FIFO $ SA SA +A $ $ A You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
AVERAGE-COST Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory The cost of goods sold Gross profit A A A LIFO FIFO $ SA SA +A $ $ A You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
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 7MCQ
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![AVERAGE-COST
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
The ending inventory
The cost of goods sold
Gross profit
A
A
A
LIFO
FIFO
$
SA
SA
+A
$
$
A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c7425a3-1b14-4f51-8fe8-a83db46800fe%2F68222049-9a1c-44a1-bf7c-b3854ed49745%2Fdckehi_processed.png&w=3840&q=75)
Transcribed Image Text:AVERAGE-COST
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
The ending inventory
The cost of goods sold
Gross profit
A
A
A
LIFO
FIFO
$
SA
SA
+A
$
$
A
![You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for
inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
54
$23
Oct. 9
Purchase
132
25
Oct. 11
Sale
108
34
Oct. 17
Purchase
103
26
Oct. 22
Sale
55
39
Oct. 25
Purchase
65
28
Oct. 29
Sale
121
39](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c7425a3-1b14-4f51-8fe8-a83db46800fe%2F68222049-9a1c-44a1-bf7c-b3854ed49745%2Fft6nuvl_processed.png&w=3840&q=75)
Transcribed Image Text:You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for
inventory.
Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
54
$23
Oct. 9
Purchase
132
25
Oct. 11
Sale
108
34
Oct. 17
Purchase
103
26
Oct. 22
Sale
55
39
Oct. 25
Purchase
65
28
Oct. 29
Sale
121
39
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