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Exercise 6-15 (Part Level Submission) Powder, Inc. sells an Xpert snowboard that is popular with snowboards enthusiasts. The following information shows Powder's purchases and sales
Exercise 6-15 (Part Level Submission) Powder, Inc. sells an Xpert snowboard that is popular with snowboards enthusiasts. The following information shows Powder's purchases and sales of Xpert snowboards during November: Unit Units Cost Unit Sales Price Date Transaction 34 $295 20 305 (39) 43306 (47) 33 314 November 1 Beginning inventory 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases $475 478 (a) Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Powder uses a perpetual inventory system. (Round answers to 0 decimal places, e.g. 5,275.) FIFO Average Cost of goods sold Ending inventory
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