Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with finding FIFO,LIFO, and moving-average. Please explain to me how they are found. Thank you Ivanhoe Company sells a snowboard, EZslide, that
I need help with finding FIFO,LIFO, and moving-average. Please explain to me how they are found. Thank you
Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Ex tion Units Unit Cost T 13 47 51 20 131 $94 97 98 $1,222 4,559 4,998 1,980 $12,759 Purchases Totals Additional data regarding the company's sales of EZslide snowboards are provided below. Assume that Ivanhoe Company uses a perpetual inventory system. Units Sept. 5 Sept. 16 Sept. 29 Sale 50 47 105 Totals Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September l s September 5 September 12 s September 16 s September 19 s September 26 s September 29 s (b) 94.000 94.000 96.712 96.712 97.943 98.2 98.23 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 sStep 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