Bramble Company uses a periodic system reports the following for the month of June.
Units
Uni...
Business, 18.03.2021 02:50, pattydixon6
Bramble Company uses a periodic system reports the following for the month of June.
Units
Unit Cost
Total Cost
June 1 Inventory 290 $5 $ 1,450
12 Purchase 400 6 2,400
23 Purchase 300 7 2,100
30 Inventory 130
Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
FIFO
LIFO
Cost of the ending inventory
$
860
$
Cost of goods sold
$
$
Which costing method gives the higher ending inventory?
Which method results in the higher cost of goods sold?
Answers: 1
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