Question: Problem 6-08A a1-a2 (Part Level Submission) Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory method. All sales returns from

Problem 6-08A a1-a2 (Part Level Submission) Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2020.

Date

Description

Quantity

Unit Cost or Selling Price

January 1 Beginning inventory 100 $21
January 5 Purchase 148 24
January 8 Sale 115 36
January 10 Sale return 10 36
January 15 Purchase 55 26
January 16 Purchase return 5 26
January 20 Sale 93 41
January 25 Purchase 26 28

For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)

LIFO

FIFO

Moving-average

Cost of goods sold $

$

$

Ending inventory $

$

$

Gross profit $

$

$

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