Crane's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert snowboards during September is shownbelow. During the same month, 121 Xpert snowboards were sold. Crane's uses a perpetual inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26DateSept. 5Sept. 16Sept. 29Explanation UnitsInventoryPurchasesPurchasesPurchasesTotalsSaleSaleSaleTotalsUnits592312145204413212 HK$1.59250Unit PriceShow Transcribed TextUnit CostHK$776Show Transcribed TextEnding Inventory FIFO1,624The ending inventory HK$1.672Show Transcribed Text816832840Total CostHK$ 17,848HK$Ending Inventory Average HK$36,72016,64036,960Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25and final answers to O decimal places, e.g. 125.)HK$108,168Total CostHK$19.104HK$198,95281,20098.648Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round perunit cost to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.)FIFOMOVING-AVERAGE COSTPeriodicHK$HK$HK$Perpetual

Name: Crane's Boards sells a snowboard, Xpert, that is popular with snowboa
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Crane's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert snowboards during September is shownbelow. During the same month, 121 Xpert snowboards were sold. Crane's uses a

Inventory valuation refers to the process of computing the value of the inventory. It includes…

Business

Accounting

Crane's Boards sells a snowboard. Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Crane's uses a perpetual inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases Purchases Purchases Totals Sale Sale Sale Unit Cost 23 HK$776 Units 45 Totals 121 20 132 - 44 Unit Price 12 HK$1.592 50 59 Show Transcribed Text Show Transcribed Text The ending inventory HK$ 816 Ending Inventory FIFO 832 Ending Inventory Average 840 1,624 1.672 Total Cost HKS 17,848 36,720 HK$ 16,640 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 O decimal places, e.g. 125.) HK$ 36.960 HK$108,168 Total Cost HK$19.104 HK$198,952 81,200 98.648 FIFO Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) 3 Periodic MOVING-AVERAGE COST HK$ C HK$ HK$ Perpetual

Crane's Boards sells a snowboard. Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Crane's uses a perpetual inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases Purchases Purchases Totals Sale Sale Sale Unit Cost 23 HK$776 Units 45 Totals 121 20 132 - 44 Unit Price 12 HK$1.592 50 59 Show Transcribed Text Show Transcribed Text The ending inventory HK$ 816 Ending Inventory FIFO 832 Ending Inventory Average 840 1,624 1.672 Total Cost HKS 17,848 36,720 HK$ 16,640 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 O decimal places, e.g. 125.) HK$ 36.960 HK$108,168 Total Cost HK$19.104 HK$198,952 81,200 98.648 FIFO Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) 3 Periodic MOVING-AVERAGE COST HK$ C HK$ HK$ Perpetual

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Windsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor's purchases of Xpert snowboards during September is shown below. During the same month, 303 Xpert snowboards were sold. Windsor's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases Purchases Totals Units Unit Cost Cost of goods sold 65 d Modi: 113 50 125 353.* $100 104 108 113 The ending inventory at September 30 $ Total Cost $6,500 11,752 5,400 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 14,125 $37,777 FIFO LIFO
Kimberly’s boards sells a snowboard, Xpert, that has popular snowboard enthusiasts. Information relating to Kymberly’s purchases of Xpert snowboards doing September is shown below. During the same month, 124 Xpert words were sold. Kymberly's uses a periodic inventory system. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
Kimberly’s boards sells a snowboard, Xpert, that has popular snowboard enthusiasts. Information relating to Kymberly’s purchases of Xpert snowboards doing September is shown below. During the same month, 124 Xpert words were sold. Kymberly's uses a periodic inventory system.
Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothy's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Units Unit Cost 29 Cost of goods sold 45 20 Your Answer Correct Answer (Used) 50 e Textbook and Media 144 $95 102 104 105 The ending inventory at September 30 $ Total Cost $ $ 2,755 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 4,590 2,080 5,250 $14,675 FIFO The sum of ending inventory and cost of goods sold $ 1,890 12,785 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ FIFO $ LIFO 1.710 12.965 LIFO
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 102 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 13 Your answer is correct. 49 53 20 135 Unit Cost $107 110 111 112 Total Cost $1,391 5,390 5,883 2,240 $14,904 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal SU places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 30 45 Cost of goods sold 20 50 145 Unit Cost The ending inventory at September 30 $96 100 102 103 $ Total Cost $ $2,880 4,500 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,040 5,150 $14,570 FIFO $ $ LIFO
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
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.
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
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 109 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 12 50 57 21 140 Unit Cost $105 108 109 110. Total Cost $1,260 5,400 6,213 FIFO 2,310 $15,183 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, e.g. 125.) LIFO AVERAGE-COST
Wildhorse sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse's purchases of WhiteOut snowboards during September. During the same month, 125 WhiteOut snowboards were sold at $165 each. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $99 Purchases Purchases Purchases Totals Ending Inventory $ Cost of Goods Sold $ eTextbook and Media Save for Later 23 45 26 53 147 106 FIFO 109 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 112 Total Cost $2,277 4,770 2,834 5,936 $15,817 $ GA LIFO Attempts: 0 of 2 used Submit Answer
Sharon’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sharon’s purchases of Xpert snowboards during September is shown below. During the same month, 118 Xpert snowboards were sold. Sharon’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $97 $ 2,522 Sept. 12 Purchases 45 105 4,725 Sept. 19 Purchases 20 107 2,140 Sept. 26 Purchases 50 108 5,400 Totals 141 $14,787 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 For both FIFO and LIFO, calculate the sum of ending inventory…