Blossom sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Blossom'sbeginning inventory and purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboardswere sold. Blossom uses a periodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Inventory13$93$ 1,209Sept. 12Purchases46Sept. 19Purchases425964,416975,044Sept. 26Purchases19981,862Totals130$12,531Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods.(Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)FIFOThe ending inventory atSeptember 30$Cost of goods sold$$$LIFOAverage-cost$

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Blossom sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Blossom's beginning inventory and purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Blossom uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $93 $ 1,209 Sept. 12 Purchases 46 96 4,416 Sept. 19 Purchases 52 97 5,044 Sept. 26 Purchases 19 98 1,862 Totals 130 $12,531 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory at September 30 Cost of goods sold FIFO LIFO $ Average-cost

Blossom sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Blossom's beginning inventory and purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Blossom uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $93 $ 1,209 Sept. 12 Purchases 46 96 4,416 Sept. 19 Purchases 52 97 5,044 Sept. 26 Purchases 19 98 1,862 Totals 130 $12,531 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory at September 30 Cost of goods sold FIFO LIFO $ Average-cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Donna's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 28 $97 Purchases 101 103 (b) Purchases Purchases Totals Solution 45 20 50 Your Answer Correct Answer 143 * Your answer is incorrect. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 Cost of goods sold 104 The sum of ending inventory and cost of goods sold $ Total Cost $ 2,716 4,545 2,060 5,200 $14,521 $ FIFO 9321 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO 0 $ $ LIFO 11805 LIFO 0 Attempts: 1 of 1 used
Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $95 $ 2,470 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,620 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount Cost of goods sold $Enter a dollar amount $Enter a dollar amount
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