Solution-Calculate the cost of goods sold and ending

Calculate the cost of goods sold and ending inventory

Reference no: EM131711819

Question - Bramble Corp. is a retailer operating In Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Corp. for the month of January 2017.

Date	Description	Quantity	Unit Cost or Selling Price
Dec. 31	Ending inventory	156	$18
Jan. 2	Purchase	109	20
Jan. 6	Sale	181	41
Jan. 9	Purchase	78	22
Jan. 10	Sale	48	46
Jan. 23	Purchase	105	23
Jan. 30	Sale	140	49

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending Inventory, and (iii) gross profit.

(1) LIFO.

(2) FIFO.

(3) Moving-average.

Reference no: EM131711819

Questions Cloud

American cancer society or the american lung association : Given the opportunity; what organization would you develop to advocate for the public and why? Some example are; American Cancer Society or the American Lung

Compute the net interest expense : Compute the net interest expense to be reported for this note and related swap transaction as of June 30, 2018.

Discuss ferrous metal, plastic and galvanized steel : There are four basic pipe materials used in sprinkler systems which include: Copper, Ferrous metal, Plastic and galvanized steel

Undesirable characteristics of monopolistic competition : Distinguish monopolies and monopolistic competition. Explain why firms in monopolistic competition advertise.?

Calculate the cost of goods sold and ending inventory : Bramble Corp. is a retailer operating In Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Calculate cost of goods sold and ending Inventory

What is the process you analyzed : What is the process you analyzed? How is it performing poorly? Can you find any structural misalignments using the RAEW tool?

Discuss what is a public health emergency : What is a public health emergency. Name one public health emergency that has occurred within the past 20 years

Made with the capacity and inventory buffers : If the variability of a process decreases and no other changes are made with the capacity and inventory buffers for the process, the cycle time will:

Describe one successful persuasive device used : Watch a formal debate between public figures about a current social issue (although it should be a real debate, fireside chats do count).

User Account

All Pages

Calculate the cost of goods sold and ending inventory

Reference no: EM131711819

Reference no: EM131711819

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT