Question

In: Accounting

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 $

2)

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 $ $

3)

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