Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September.
Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date Units Unit Cost Explanation Inventory Purchases 13 $115 Total Cost $ 1,495 5,664 48 118 Sept. 1 Sept. 12 Sept. 19 Sept. 26 56 119 6,664 Purchases Purchases Totals 23 120 2,760 140 $16,583 (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, eg. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started