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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

You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date   Description

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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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
(a1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit eTextbook and Media Save for Later (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 $ $ $ eTextbook and Media %24 %24 %4 %24 %24 %24
Transcribed Image Text:(a1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit eTextbook and Media Save for Later (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 $ $ $ eTextbook and Media %24 %24 %4 %24 %24 %24
(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 eTextbook and Media Save for Later (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. eTextbook and Media
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 eTextbook and Media Save for Later (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. eTextbook and Media
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