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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
78
22
Jan. 10
48
46
Jan. 23
105
23
Jan. 30
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.
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