Hello,I'm stuck on how to solve part A of this question (a)Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.Ending InventoryUnitsCostTotal9,300$11$102,30024eTextbook and MediaSave for LaterAttempts: 0 of 1 used Submit Answer Bramble Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show thefollowing selected inventory information:PurchasesCost of Goods SoldEnding InventoryDateUnitsCostTotalUnitsCostTotalUnitsCostTotalOct. 29.300$11 $102.3009,300$11 $102,3001515,50013201,500(1)(2)[3][4](5)2923,800(6)[7](8][9][10)(11)[12](13)The company accountant has prepared the following partial statement of income to help management understand thefinancial statement impact of each cost determination cost formula.FIFOAverageSales$576,000$576,000Cost of goods soldGross profitOperating expenses192,000192,000Income before income taxIncome tax expense (30%)Net income(a)Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.PurchasesCost of Goods SoldDateUnits CostTotalUnitsCostOct.9,300 $11 $102,30021515,50013201,5002923,800(total units sold)%24

PERPETUAL INVENTORY: - Perpetual inventory is also known as Continuous inventory where information…

Answered: Hello, I'm stuck on how to solve part…

Business

Accounting

Hello, I'm stuck on how to solve part A of this question

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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Question

Hello,

I'm stuck on how to solve part A of this question

(a)
Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.
Ending Inventory
Units
Cost
Total
9,300
$11
$102,300
24
eTextbook and Media
Save for Later
Attempts: 0 of 1 used Submit Answer

Bramble Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the
following selected inventory information:
Purchases
Cost of Goods Sold
Ending Inventory
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
Oct. 2
9.300
$11 $102.300
9,300
$11 $102,300
15
15,500
13
201,500
(1)
(2)
[3]
[4]
(5)
29
23,800
(6)
[7]
(8]
[9]
[10)
(11)
[12]
(13)
The company accountant has prepared the following partial statement of income to help management understand the
financial statement impact of each cost determination cost formula.
FIFO
Average
Sales
$576,000
$576,000
Cost of goods sold
Gross profit
Operating expenses
192,000
192,000
Income before income tax
Income tax expense (30%)
Net income
(a)
Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.
Purchases
Cost of Goods Sold
Date
Units Cost
Total
Units
Cost
Oct.
9,300 $11 $102,300
2
15
15,500
13
201,500
29
23,800
(total units sold)
%24

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