Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information showsMountain Country's purchases and sales of Xpert skateboards during November:DateNov.1 Beginning inventory5121922Explanation25PurchasesSalesPurchasesSalesPurchasesUnits3123(41)42(48)3441Unit Cost/Price$296301478306489311 of Xpert skateboards during November: \table [[Date, Explanation, Units, Unit Cost/Price], [Nov. 1, Beginning inventory, 31, $296 prepare journal entry to record purchase onaccount and sales (cash) for mountain country in a prepetual inventory system usingfifo.

FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Units Unit Cost/Price 31 23 (41) 42 (48) 34 41 $296 301 478 306 489 311

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Units Unit Cost/Price 31 23 (41) 42 (48) 34 41 $296 301 478 306 489 311

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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Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. (a) 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases. Cost of goods sold $ Ending inventory Units $ 34 FIFO 24 (42) 43 (49) 35 45 Unit Cost/Price $299 304 467 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 309 519 314 $ $ Average Cost
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018
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
Tamarisk's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Tamarisk's purchases of Xpert snowboards during September is shown below. During the same month, 157 Xpert snowboards were sold. Tamarisk's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 34 $101 $ 3,434 Sept. 12 Purchases 59 105 6,195 Sept. 19 Purchases 26 109 2,834 Sept. 26 Purchases 65 114 7,410 Totals 184 $19,873 x Your answer is incorrect. Try again. 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 8173 Cost of goods sold 12463 00
(c) What is gross profit under each method? Gross profit $ Save for Later FIFO LIFO Attempts: 0 of 2 u
Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $80 $1,200 12 Purchase 45 82 3,690 19 Purchase 50 84 4,200 26 Purchase 20 85 1,700 Total 130 $10,790 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 FIFO LIFO $ AVERAGE-COST Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold FIFO LIFO $ AVERAGE-COST
Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista Co's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 Unit Cost $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $108 $1,620 12 Purchase 45 110 4,950 19 Purchase 50 112 5,600 26 Purchase 20 113 2,260 Total 130 $14,430 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO Cost of goods sold $ eTextbook and Media Save for Later LIFO AVERAGE-COST AVERAGE-COST Attempts: 0 of 3 used Submit Answer
Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12. Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49.350 Totals 120 HK$122.920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg 125) FIFO…
Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Coronado's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Coronado's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$985 HK$ 22,655 Sept. 12 Purchases 45 1,036 46,620 Sept. 19 Purchases 20 1,063 21,260 Sept. 26 Purchases 44 1,071 47,124 Totals 132 HK$137,659 Date Unit Price Total Cost Sept. 5 Sale 12 HK$2,032 HK$24,384 Sept. 16 Sale 50 2,075 103,750 Sept. 29 Sale 59 2,134 125,906 Totals 121 HK$254,040 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST HK$ The ending inventory HK$ Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round…
Tamarisk sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Tamarisk's beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Tamarisk uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $ 109 $ 1,199 Sept. 12 Purchases 46 112 5,152 Sept. 19 Purchases 52 113 5,876 Sept. 26 Purchases 19 114 2,166 Totals 128 $ 14,393 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 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 2$ 8,042 $ 6,351 2$ Cost of goods sold 2$ 2$ $
Tamarisk sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Tamarisk's purchases of WhiteOut snowboards during September. During the same month, 121 WhiteOut snowboards were sold at $168 each. Tamarisk uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost $99 Inventory Purchases Purchases Purchases Totals 27 42 25 52 146 106 110 112 Total Cost $2,673 4,452 2,750 5.824 $15,699 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.