Bramble Company uses the periodic inventory method and had the following inventory information available: Unit...
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Bramble Company uses the periodic inventory method and had the following inventory information available: Unit Cost Units 100 1/1 $3 Total Cost $300 1,515 500 Beginning Inventory Purchase Purchase 505 1/20 7/25 $3 100 $5 10/20 Purchase 300 $8 2,400 1,005 $4,715 A physical count of inventory on December 31 revealed that there were 380 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) 1. $ 2. $ 3. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ 4.(a) $ 4. (b)
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