Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bridgeport Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Bridgeport Corp's purchases of EZslide snowboards during September.
Bridgeport Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Bridgeport Corp's purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Bridgeport Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $94 $ 1.222 Sept. 12 Purchases 46 97 4,462 Sept. 19 Purchases 53 98 5,194 Sept. 26 Purchases 19 99 1,881 Totals $12.759 131 (a 1) 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 O decimal places, eg. 125.) FIFO AVERAGE-COST The ending inventory at September 30 LIFO (a2) 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 decimal places, c.8. 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