Reference no: EM132465234

Question 1: Compute ending inventory and cost of goods sold under FIFO, assuming Bramble Company uses the periodic inventory system.

Ending Inventory              $

Cost of Goods Sold           $

Question 2: Compute ending inventory and cost of goods sold under LIFO, assuming Bramble Company uses the periodic inventory system.

Ending Inventory          $

Cost of Goods Sold       $

On December 1, 2020, Bramble Company had the account balances shown below.

                                                   Debit   Credit

Cash                                              $5,300

Accumulated Depreciation-Equipment $1,200

Accounts Receivable                        3,800

Accounts Payable                           3,000

Inventory                                 2,400

Owner's Capital                        27,300

Equipment                            20,000

                                    $31,500 $31,500

(4,000 x $0.60)

The following transactions occurred during December:

1. Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit.
2. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Bramble sold 4,000 of the $0.60 units and 500 of the $0.78.)
3. 7 Granted the December 5 customer $192 credit for 200 units of inventory returned costing $128. These units were returned to inventory.
4. 17 Purchased 2,300 units of inventory for cash at $0.84 each.
5. 22 Sold 3,200 units of inventory on account for $0.99 per unit. (Bramble sold 3,200 of the $0.78 units.)

Adjustment data:

1. Accrued salaries payable $700.

2. Depreciation $280 per month.

Question 3: Compute ending inventory and cost of goods sold under FIFO, assuming Bramble Company uses the periodic inventory system.

Ending Inventory      $

Cost of Goods Sold      $

Question 4: Compute ending inventory and cost of goods sold under LIFO, assuming Bramble Company uses the periodic inventory system.

Ending Inventory     $

Cost of Goods Sold   $