Question

In its first month of operations, Bramble Corp. made three
purchases of merchandise in the following sequence:
(1) 240 units at $ 4, (2) 340 units at $ 6,
and (3) 440 units at $ 7. Assuming there
are 140 units on hand at the end of the period, compute
the cost of the ending inventory under (a) the FIFO method and (b)
the LIFO method. Bramble Corp. uses a periodic inventory
system.

Answer #1

**a)Cost of Inventory
under FIFO method**

Under FIFO method the inventory which comes first will be issued first for sale. Hence the value of inventory will be the value of inventory purchased lastly and remaining unsold.

In the present case the ending inventory is 140 units. This is the balance out of 440 units purchased at a cost of $7 per unit.

Hence, cost of ending inventory = 140units*$7= **$980**

**b)Cost of Inventory
under LIFO method**

Under LIFO method the inventory which comes last will be issued first for sale. Hence the value of inventory will be the value of inventory purchased firstly and remaining unsold.

In the present case the ending inventory is 140 units. This is the balance out of 240 units purchased at a cost of $4 per unit.

Hence, cost of ending inventory = 140units*$4= **$560**

In its first month of operations, Concord Company made three
purchases of merchandise in the following sequence: (1) 350 units
at $7, (2) 410 units at $8, and (3) 240 units at $9.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Concord
uses a periodic inventory system.
Cost of the ending inventory: FIFO $

In its first month of operations, Bethke Company made three
purchases of merchandise in the following sequence: (1) 155 units
at $6, (2) 510 units at $7, and (3) 100 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Bethke uses
a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory
$
$

In its first month of operations, Swifty Company made three
purchases of merchandise in the following sequence: (1) 310 units
at $7, (2) 470 units at $8, and (3) 230 units at $9. Assuming there
are 360 units on hand, compute the cost of the ending inventory
under the FIFO method and LIFO method. Swifty uses a periodic
inventory system.

In its first month of operations, Oriole Company made three
purchases of merchandise in the following sequence: (1) 306 units
at NT$171, (2) 418 units at NT$181, and (3) 217 units at NT$200.
Oriole uses a periodic inventory system.
A) Assuming there are 467 units on hand, compute the cost of the
ending inventory under the FIFO method.
B) Assuming there are 467 units on hand, compute the cost of the
ending inventory under the average-cost method.

In its fi rst month of operations, Bethke Company made three
purchases of merchandise
in the following sequence: (1) 300 units at $6, (2) 400 units
at $7, and (3) 200 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the
(a) FIFO method and (b) LIFO method. Bethke uses a periodic
inventory system.

BE6-2
In its first month of operations, McLanie Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there
are 200 units on hand at the end of the period, compute the cost of
the ending inventory under (a) the FIFO method and (b) the LIFO
method. McLanie uses a periodic inventory system.
Compute the ending inventory using average‐cost.
(LO 2), AP
BE6-3...

In its first month of operations, Coronado Industries made three
purchases of merchandise in the following sequence: (1) 260 units
at $8, (2) 360 units at $10, and (3) 460 units at $11. Assuming
there are 160 units on hand at the end of the period.
Compute the cost of the ending inventory under the average-cost
method. (Round answer to 0 decimal places, e.g.
5,275.)

In its first month of operations, Kingbird, Inc. made three
purchases of merchandise in the following sequence: (1) 155 units
at $5, (2) 520 units at $6, and (3) 140 units at $7.
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
Calculate the weighted-average unit cost. (Round
answer to 2 decimal places, e.g. 15.25.)
Weighted-average unit cost
$enter the Average unit cost in dollars rounded to 2 decimal
places...

Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
Assuming that the periodic inventory method is...

Fulbright Corp. uses the periodic inventory system. During its
first year of operations, Fulbright made the following purchases
(listed in chronological order of acquisition):
40 units at $100 per unit
•
70 units at $80 per unit
•
170 units at $60 per unit
Sales for the year totaled 270 units, leaving 10 units on hand
at the end of the year.
Ending inventory using the FIFO method is:
$650.
$707.
$600.
$1,000.

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