Flying Tomato sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Flying Tomato's purchases of WhiteOut snowboards during September. During the same month, 121 WhiteOut snowboards were so at $170 each. Flying Tomato uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals Your answer is correct. Ending inventory Cost of goods sold 25 Your Answer Correct Answer $ 45 $ 24 50 144 Unit Cost $100 FIFO 106 110 112 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2576 Total Cost 12934 $2,500 4,770 2,640 5,600 $15,510 $ $ LIFO 2300 13210

1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: 1 2 3 Data 4 Sales Variable costs: 5 67 00 8 A Chapter 1: Applying Excel 9 10 11 Cost of goods sold Variable selling Variable administrative Fixed costs: Fixed selling Fixed administrative $ $ $ $ $ $ B 32,000 16,000 1,600 1,400 2,500 1,500

Define Selling profit.

What is a profit-sharing plan

Costs incurred to earn revenue are referred to as _____.