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Determine the ending inventory and the cost of goods sold

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Reference no: EM132742253

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Q1. The following information is available for Riverbed Corp for three recent fiscal years.

2022 2021 2020

Inventory $555,000 $564,000 $340,000

Net sales 1,865,000 1,800,000 1,345,000

Cost of goods sold 1,454,700 1,220,400 951,000

Required - Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021.

Q2. Bramble Corp. markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 2,700 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs.

March 52,000 @ $7

March 214,600 @ $9

March 133,700 @ $8

March 262,000 @ $10

During March 11,900 units were sold. Bramble uses a periodic inventory system.

Required - (a) Determine the cost of goods available for sale. Calculate Average Cost.

(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).

Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

Reference no: EM132742253

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