Question

Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...

Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June.

 June   1 Balance 303 units @ \$14 201 units @ \$34 798 units @ \$17 498 units @ \$35 497 units @ \$18 299 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) (2) LIFO FIFO \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount

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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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 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) (2) LIFO FIFO (8946+501*17) = 17463 (4242+695*17) = 16057 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