You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system.
|
Date
|
Description
|
Quantity
|
Unit Cost or
Selling Price |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
June
|
1
|
Beginning inventory
|
40 | $31 | ||||||
|
June
|
4
|
Purchase
|
135 | 34 | ||||||
|
June
|
10
|
Sale
|
110 | 61 | ||||||
|
June
|
11
|
Sale return
|
15 | 61 | ||||||
|
June
|
18
|
Purchase
|
55 | 37 | ||||||
|
June
|
18
|
Purchase return
|
10 | 37 | ||||||
|
June
|
25
|
Sale
|
65 | 67 | ||||||
|
June
|
28
|
Purchase
|
35 | 41 |
Transcribed Image Text:(a1)
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)
Weighted-average cost per unit
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(a2)
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-
cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to O decimal places, eg. 1,250.)
LIFO
FIFO
AVERAGE-COST
The ending inventory
$
$
The cost of goods sold
$
$
$
Gross profit
$
$
$
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%24
%24
%4
%24
%24
%24
Transcribed Image Text:(a3)
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal
place, e.g. 51.2%.)
LIFO
FIFO
AVERAGE-COST
Gross profit rate
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(b)
Compare results for the three cost flow assumptions and answer the following questions.
In this period of rising prices,
gives the highest cost of goods sold and the
gross profit.
gives the lowest cost of goods sold and the
gross profit.
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