Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I already have answers for FIFO, LIFO, and Average-cost. I want to know how to get these answers. Let me know the detailed how-to steps
I already have answers for FIFO, LIFO, and Average-cost.
I want to know how to get these answers.
Let me know the detailed how-to steps for "The ending inventory of average-cost". Thank you in advance!
Splish Brothers Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brothers Inc.'s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $ 119 $ 1,309 Sept. 12 Purchases 47 122 5,734 Sept. 19 Purchases 52 123 6,396 Sept. 26 Purchases 26 124 3,224 Totals 136 $ 16,663 Additional data regarding the company's sales of EZslide snowboards are provided below. Assume that Splish Brothers Inc. uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 48 Totals 104 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ 3,962 $ 3,928 $ 3,946Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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