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Exercise 6-15 Mountain Country, Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of
Exercise 6-15 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 February: Unit Units Cost Unit Sales Price Date Explanation Feb. 1 Beginning inventory 8 Purchases 15 Sales 19 Purchases 22 Sales 25 Purchases 34 $295 22 300 (40) 43 305 (47) 31 310 $500 511 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 the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25)
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