Sheridan sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheridan's purchases of WhiteOut snowboards during September. During the same month, 128 WhiteOut snowboards were sold at $171 each. Sheridan 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 $ 23 Cost of Goods Sold $ 49 22 55 149 105 FIFO 111 112 Total Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $2,277 5,145 2,442 6,160 $16,024 $ $ LIFO

Sheridan sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheridan's purchases of WhiteOut snowboards during September. During the same month, 128 WhiteOut snowboards were sold at $171 each. Sheridan 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 $ 23 Cost of Goods Sold $ 49 22 55 149 105 FIFO 111 112 Total Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $2,277 5,145 2,442 6,160 $16,024 $ $ 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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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
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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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…
REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnember During the same month, 100 snowboards were sold REloses a periodic inventory system Dale Sept. 1 Sept. 12 Sept 19 Sept. 26 Explanation Unit Unit Cont Inventory 15 $110 Purchases 48 113 Purchases 33 114 Purchases 24 115 Totals 140 Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per 3 decimal places eg. 125.153 and final answers to 0 decimal places 125 Ending inventory at September 30 eTextbook and Media FIFO Your answer is incorrect Cost of goods sold 2775 FIFO $1.630 5,424 6042 3.760 $15.876 13654 LIFO Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average cost per unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 1253 1344 UFD ETDA AVERAGE-COST $ 3402 AVERAGE-COST 130825
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
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 119Xpertsnowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept 1 Inventory 25 $95 $2,375 Sept. 12 Purchases 45 100 4.500 Sept 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5.150 Totals 140 $14.065 (a) 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 Cost of goods sold
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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 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 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. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).