Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Companys purchases of EZslide snowboards during September.

Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Companys purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

12

$110

$ 1,320

Sept. 12

Purchases

45

113

5,085

Sept. 19

Purchases

60

114

6,840

Sept. 26

Purchases

23

115

2,645

Totals

140

$15,890

(a) 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 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory at September 30

$Enter a dollar amount $Enter a dollar amount $Enter a dollar amount

(b) 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, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

Cost of goods sold

$Enter a dollar amount $Enter a dollar amount $Enter a dollar amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Libby, Short

6th Edition

978-0073526881

Students also viewed these Accounting questions