Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.s purchases of EZslide snowboards during September.

Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

15

$106

$ 1,590

Sept. 12

Purchases

46

109

5,014

Sept. 19

Purchases

54

110

5,940

Sept. 26

Purchases

21

111

2,331

Totals

136

$14,875

(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 FIFO = ? LIFO= ? AVERAGE COST=?

(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.)

Cost of goods sold FIFO= ? LIFO= ? AVERAGE-COST= ?

Hi I need a answer asap

thanks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

6th Edition

0131795082, 978-0131795082

More Books

Students also viewed these Accounting questions

Question

If the person is a professor, what courses do they teach?

Answered: 1 week ago

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago

Question

Describe the concept of diversity.

Answered: 1 week ago

Question

Summarize forecasting human resource availability.

Answered: 1 week ago