Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during September is shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 27 $97 Purchases 45 101 Purchases 103 104 Purchases Totals 20 50 Cost of goods sold 142 The ending inventory at September 30 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ LA Total Cost $2,619 4,545 2,060 $ 5,200 $14,424 FIFO LA $ LIFO

Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during September is shown below. During the same month, 124 Xpert snowboards were sold. Kimberly's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 27 $97 Purchases 45 101 Purchases 103 104 Purchases Totals 20 50 Cost of goods sold 142 The ending inventory at September 30 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ LA Total Cost $2,619 4,545 2,060 $ 5,200 $14,424 FIFO LA $ LIFO

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
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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 Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 12 $102 $1,224 Purchases 45 105 4,725 Sept. 19 Purchases 57 106 6,042 Sept. 26 Purchases 24 107 2,568 Totals 138 $14,559 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Ending inventory at $ September 30 FIFO SA LIFO AVERAGE-COST $ SUPPORT
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Maria’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Maria’s purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Maria’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 28 $97 $ 2,716 Sept. 12 Purchases 45 102 4,590 Sept. 19 Purchases 20 104 2,080 Sept. 26 Purchases 50 105 5,250 Totals 143 $14,636