Question

Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $125 each. During June, the company had the following purchases and sales of bookcases:

			Purchases				Sales
Date			Units		Unit cost		Units		Unit price
June	6		1,170		$127
	10						950		$216
	14		1,750		128
	16						1,600		221
	26		1,040		129

(a)

Correct answer iconYour answer is correct.

Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52.)

Cost of goods sold		$enter the cost of goods sold in dollars rounded to 2 decimal places
Cost of the ending inventory		$enter the cost of goods sold in dollars rounded to 2 decimal places

eTextbook and Media

  

Attempts: 1 of 3 used

Using multiple attempts will impact your score.

5% score reduction after attempt 1

(b)

Partially correct answer iconYour answer is partially correct.

Calculate Bramble Furniture’s gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, e.g. 15.1 and gross profit to the nearest whole dollar, e.g. 1525.)

Gross profit		$enter the gross profit in dollars rounded to 0 deimal place
Gross profit margin		enter the gross profit margin in percentages rounded to 1 decimal place	%

Answer 1