Question
Note I posted question before one hour but the answer not right please answer the question in correct way with tables: the subject is fininicial
Note I posted question before one hour but the answer not right please answer the question in correct way with tables: the subject is fininicial accounting
Q2 /
North Hills, Inc. sells an Xpert snowshoe that is popular with snowshoe enthusiasts. The following information shows North Hillss purchases and sales of Xpert snowshoes during January:
Date | Explanation | Units | Unit Cost | Unit Sales Price | ||||||||
Jan. | 1 | Beginning inventory | 33 | $299 | ||||||||
7 | Purchases | 24 | 304 | |||||||||
14 | Sales | (38 | ) | $492 | ||||||||
19 | Purchases | 44 | 309 | |||||||||
22 | Sales | (48 | ) | 503 | ||||||||
25 | Purchases | 34 | 314 | |||||||||
49 |
(a)
Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming North Hills uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.)
FIFO | Average | ||
Cost of goods sold | $ | $ | |
Ending inventory | $ | $ |
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