FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and
sales of Xpert skis during November:
Date
Nov.
1 Beginning inventory
5
12
19
22
Explanation
25
Purchases
Sales
Purchases
Sales
Purchases
Unit
Units Cost/Price
$296
301
34
23
(40)
42
(48)
33
44
461
306
513
311
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Transcribed Image Text:Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual
inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do
not round intermediate calculations.)
Cost of goods sold $
Ending inventory
SA
FIFO
26473
13629
MA
LA
Average Cost
26734.40
13367.20
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Transcribed Image Text:Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) Cost of goods sold $ Ending inventory SA FIFO 26473 13629 MA LA Average Cost 26734.40 13367.20
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