Xpert Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Informationfollows for Xpert's purchases and sales of the ultra-lightweight snowboard in October:TransactionDateOct. 1 Beginning inventory10Purchase12 Sale13 Purchase25 Sale27 PurchaseUnits2530(42)35(45)20Unit Purchase Price$295300305310Unit Sales Price$450460Instructionsa. Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Xpert uses a perpetual inventory system.Round the weighted average cost per unit to two decimal places.b. What would be the ending inventory and cost of goods sold if Xpert used FIFO and weighted average in a periodic inventory system? Roundthe weighted average cost per unit to two decimal places.Record transactions in perpetual and periodic inventory systems.

Under FIFO method using perpetual inventory system, Value of ending inventory and Cost of goods sold…

Answered: llows for Xpert's purchases and sales…

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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