Question - Bramble Corp. is a retailer operating In Calgary, Alberta. Bramble Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bramble Corp. for the month of January 2017.
|
Date
|
Description
|
Quantity
|
Unit Cost or Selling Price
|
|
Dec. 31
|
Ending inventory
|
156
|
$18
|
|
Jan. 2
|
Purchase
|
109
|
20
|
|
Jan. 6
|
Sale
|
181
|
41
|
|
Jan. 9
|
Purchase
|
78
|
22
|
|
Jan. 10
|
Sale
|
48
|
46
|
|
Jan. 23
|
Purchase
|
105
|
23
|
|
Jan. 30
|
Sale
|
140
|
49
|
For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending Inventory, and (iii) gross profit.
(1) LIFO.
(2) FIFO.
(3) Moving-average.