Reference no: EM132462752
You are provided with the following information for Bramble Inc. Bramble Inc. uses the periodic method of accounting for its inventory transactions.
- March 1 Beginning inventory 2,100 liters at a cost of 80¢ per liter.
- March 3 Purchased 2,500 liters at a cost of 82¢ per liter.
- March 5 Sold 2,300 liters for $1.05 per liter.
- March 10 Purchased 4,000 liters at a cost of 89¢ per liter.
- March 20 Purchased 2,500 liters at a cost of 97¢ per liter.
- March 30 Sold 5,100 liters for $1.25 per liter.
Question 1: Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.)
(1) Specific identification method assuming:
(i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and
(ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20.
(2) FIFO
(3) LIFO
Ending inventory
Specific identification $3293
- LIFO $jQuery224015741176618094732_1581971628638??
Question 2: Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.)
(1) Specific identification method assuming:
(i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and
(ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20.
(2) FIFO
(3) LIFO
- BRAMBLE INC.
- Income Statement (partial)
- For the Month Ended December 31, 2020
Specific Identification FIFO LIFO
Sales Revenue $ $ $
Beginning Inventory $ $ $
Purchases $ $ $
Cost of goods available for sale $ $ $
Ending inventory $3,293 $3,493 $
Cost of goods sold $ $ $
Gross profit/loss $ $ $
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