FINANCIAL ACCOUNTING
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ISBN: 9781259964947
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An expert answered the LIFO, FIFO and moving average. However, I need condensed explaination charts and no Excel movements (the cell numbers) are confusing to me. If there is a way to have one chart for each only showing the break down, that would be perfect.
Transcribed Image Text:LUS
Kimmel, Financial Accounting, 8e
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Problem 6-9A (Part Level Submission)
Bramble Corp. began operations on July 1. It uses a perpetual inventory system. During July,
Purchases
Date
Units
Unit Cost
Sales Units
July 1
11
$94
July 6
8.
July 11
July 14
00 $
July 21
$107
July 27
(a1)
VYour answer is correct.
Calculate average cost for each unit. (For calculation and answers purpose round unit e
July 1
94
July 6
94
July 11
97.75
July 14
97.75
July 21
103.92
July 27
103.92
Transcribed Image Text:Kimmel, Financial Accounting, 8e
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y 21
$107
y 27
(12)
Your answer is correct.
culate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.2
94
94
11
97.75
97.75
103.92
103.92
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IX31 O1
r answer is correct.
ine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (Fo
ory values to 0 decimal places, e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
ing inventory under a perpetual inventory system
428
415.67
688
Expert Solution
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Step 1 Concept
In a perpetual inventory system, the accounting for inventory is done on sale or purchase of inventory in real time.
It is more efficient than periodic inventory management.
In the FIFO method, the cost of items sold is the cost of items purchased first.
In the LIFO method, the cost of items sold is the cost of items purchased last.
In the Moving average method, the average cost of items is used for cost of items sold.
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