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 5 12 (a) 19 22 25 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Units 34 24 (42) 43 (49) Cost of goods sold $ *|*| 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 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) Unit Cost/Price $299 304 467 309 519 314 FIFO Average Cost

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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. 1
5
12
19
I
22
25
Explanation
Beginning inventory
Purchases
Sales
Purchases
Sales
Purchases
Cost of goods sold $
Units
34
24
(42)
43
FIFO
(49)
35
45
Unit
Cost/Price
$299
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 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g.
5,275.25. Do not round intermediate calculations.)
304
467
309
519
314
68
L
Average Cost
Transcribed Image Text:S 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 5 12 19 I 22 25 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Cost of goods sold $ Units 34 24 (42) 43 FIFO (49) 35 45 Unit Cost/Price $299 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 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 304 467 309 519 314 68 L Average Cost
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