Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Novak sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Novak's beginning inventory and purchases of EZslide snowboards

image text in transcribed

image text in transcribed

Novak sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Novak's beginning inventory and purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Novak uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $106 $1,272 Sept. 12 Purchases 45 109 4,905 Sept. 19 Purchases 52 110 5,720 Sept. 26 Purchases 20 111 2,220 Totals | 129 $14,117 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 $ $ $ Cost of goods sold $ $ $ $ Pina Colada Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 111 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 51 $14 $714 15 Purchases 43 17 731 24 Purchases 60 18 1,080 Totals 154 $2,525 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $ ta $ $ Cost of goods sold $ $ $

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

Be Audit You Can Be

Authors: Awesome Auditor

1st Edition

1659095700, 978-1659095708

More Books

Students also viewed these Accounting questions