Question

Bramble Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase...

Bramble Corp. had the following inventory transactions occur during 2022:

Units

Cost/unit

Feb. 1, 2022

Purchase

 88 $88

Mar. 14, 2022

Purchase

 152 $92

May 1, 2022

Purchase

 108 $96


The company sold 250 units at $123 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO?

$23432

$22688

$8062

$7318

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Answer #1
Qty Rate Amt
Feb 1 2022 88 88 7744
Mar 14 2022 152 92 13984
May 1 2022 108 96 10368
COGS under FIFO
Qty Rate Amt
Feb 1 2022 88 88 7744
Mar 14 2022 152 92 13984
May 1 2022 10 96 960
COGS = 22688
Profit = sales - COGS
i Sales 30750
250*123
ii COGS 22688
iii=i-ii Gross profit $                          8,062
Answer = $                          8,062
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