PRINTER VERSION BACK NEX Problem 6-3A (Part Level Submission) Bramble-Mart Centr

Question

PRINTER VERSION BACK NEX Problem 6-3A (Part Level Submission) Bramble-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price $102 May 1 120 $241 8 100 13 15 60 112 80 265 292 315 27 40 (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers t 2 decimal places, e.g. 5.25.) FIFO Average Cost of Goods Sold Ending Inventory LINK TO TEXT LINK TO TEXT

Explanation / Answer

Calculate cost of goods sold and ending inventory under FIFO :

40

100

102

112

4080

11200

40

40

102

112

4080

4480

60

60

112

117

6720

7020

Cost of goods sold 28120 ; ending inventory 2340

Calculate cost of goods sold and ending inventory under weighted average cost :

140

109.14

15280

80

109.14

8731

120

113.08

13569

Cost of goods sold 28199 ; ending inventory 2261

Date quantity purchase unit cost purchase cost quantity sold unit cost cost of goods sold inventory on hand unit cost ending inventory May 1 120 102 12240 May 3 80 102 8160 40 102 4080 May 8 100 112 11200

40

100

102

112

4080

11200

May 13

40

40

102

112

4080

4480

60 112 6720 may 15 60 117 7020

60

60

112

117

6720

7020

may 20 60 112 6720 60 117 7020 may 27 40 117 4680 20 117 2340 Balance 28120 2340

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.