Question

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 used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

		(1) LIFO		(2) FIFO
Cost of Goods Sold		$enter a dollar amount		$enter a dollar amount
Ending Inventory		$enter a dollar amount		$enter a dollar amount

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Incorrect answer iconYour answer is incorrect.

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

The ending inventory at LIFO

$enter The ending inventory at LIFO in dollars

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New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO)

$enter the Gross Profit (FIFO) in dollars

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Answer 1

	Unit	Unit Cost	Total Cost
Beginning inventory	303	14	4242
Purchase 1	798	17	13566
Purchase 2	497	18	8946
Total	1598		26754

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

		(1) LIFO		(2) FIFO
Cost of Goods Sold		(8946+501*17) = 17463		(4242+695*17) = 16057
Ending Inventory		26754-17463 = 9291		26754-16057 = 10697

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

The ending inventory at LIFO

$10092

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO)

$35626-16057 = 19569