Question

You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble uses a periodic method for inventory Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 Oct. 9 Oct. 11 Purchase Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale ✓ Your answer is correct. Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ 28.543

Answer 1

	Units	Unit cost	Total
Oct 1	65	26	1690
Oct 9	115	28	3220
Oct 17	95	29	2755
Oct 25	75	31	2325
Total	350		9990
	Units	Selling price	Total
Oct 11	95	40	3800
Oct 22	65	45	2925
Oct 29	105	45	4725
Total	265		11450
Ending inventory units	85	=350-265
LIFO:
The ending inventory	2250	=(65*26)+(85-65)*28
The cost of goods sold	7740	=9990-2250
Gross Profit	3710	=11450-7740
FIFO:
The ending inventory	2615	=(75*31)+(85-75)*29
The cost of goods sold	7375	=9990-2615
Gross Profit	4075	=11450-7375
Average cost:
The ending inventory	2426	=85*28.543
The cost of goods sold	7564	=9990-2426
Gross Profit	3886	=11450-7564