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Accounting Please Help needs to be submitted soon! Flying Tomato sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating

Accounting Please Help needs to be submitted soon!

Flying Tomato sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Flying Tomatos purchases of WhiteOut snowboards during September. On September 27th, 121 WhiteOut snowboards were sold at $170 each. Flying Tomato uses a perpetual inventory system.

Date Explanation Units Unit Cost Total Cost

Sept. 1 Inventory 25 $ 101 $ 2,525

Sept. 12 Purchases 45 104 4,680

Sept. 19 Purchases 24 110 2,640

Sept. 26 Purchases 50 112 5,600

Totals 144 $ 15,445

Instructions:

  1. Compute the ending inventory at September 30 and cost of goods sold as of September 27th using the Weighted Average, FIFO and LIFO methods. Please compute in the boxes below. 8 points
  2. Calculate the Gross Profit for each method. Please compute in the boxes below. 1.5 points
  3. Which method will pay the highest amount of tax. 1 point

To earn partial credit please show your work in the boxes below.

Ending Inventory

09/30/2022

Cost of Goods Sold

09/27/2022

Gross Profit

Weighted Average

FIFO

LIFO

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