Question

The accounting records of Bramble Corp. show the following data. Beginning inventory 2,830 units at $8 Purchases 8,110 units at $10 Sales 9,418 units at $13 Your answer is correct. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $enter average unit cost in dollars per unit SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)

Answer 1

Instructions are listed below

Step-by-step explanation:

Giving the following information:

Beginning inventory 2,830 units at $8

Purchases 8,110 units at $10

Sales 9,418 units at $13

Average cost= (8 + 10)/2=9

FIFO (first-in, first-out)

COGS= 2,830*8 + 6,588*10= $88,520

LIFO (last-in, first-out)

COGS= 8,110*10 + 1,308*8= $91,564

Average cost method:

COGS= 9,418*9= $84,762