1)On January 3, Bramble Corp. purchased 2 portable electronic keyboards for $547 each. On January 20,...

1)On January 3, Bramble Corp. purchased 2 portable electronic keyboards for $547 each. On January 20, it purchased 2 more of the same model keyboards for $482 each. During the month, it sold 2 keyboards; 1 was purchased on January 3 and the other was purchased on January 20. Calculate the cost of goods sold and ending inventory for the month using specific identification. Cost of goods sold $

Ending inventory $

Exercise 6-6 (Part Level Submission)

Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:

Date		Explanation	Units		Unit Cost		Total Cost
June	1	Beginning inventory	1,600			$4	$6,400.00
	12	Purchases	2,400			5	12,000
	15	Sale	(2,640	)
	16	Purchases	4,680			6	28,080
	23	Purchases	1,520			7	10,640
	27	Sales	(5,940	)

(a)

Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average
final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.)

	FIFO	Average
Cost of goods sold	$	$
Cost of ending inventory	$	$

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Expert Solution

ekkarill92 answered 1 year ago

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