Question

Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Inc. for the month of January 2020. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $14 January 5 Purchase 139 17 January 8 Sale 113 28 January 10 Sale return 10 28 January 15 Purchase 55 19 January 16 Purchase return 5 19 January 20 Sale 86 32 January 25 Purchase 19 21 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit January 1 $ 14 January 5 $ 15.745 January 8 $ 15.745 January 10 $ 15.745 January 15 $ 16.682 January 16 $ 16.620 January 20 $ 16.620 January 25 $ 17.319 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $ $ $ Ending inventory $ $ $ Gross profit $ $ $

Answer 1