Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pearl Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pearl Corp's purchases of EZslide snowboards during September.
Pearl Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pearl Corp's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Pearl Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 10 $107 $ 1,070 Sept. 12 Purchases 46 110 5.060 Sept. 19 Purchases 53 111 5,883 Sept. 26 Purchases 21 112 2,352 Totals 130 $14,365 (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, eg. 125.153 and final answers to 0 decimal places, e.g. 125.) (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, eg. 125.153 and final answers to O decimal places, eg. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ (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, eg. 125.153 and final answers to 0 decimal places, eg. 125.) FIFO LIFO AVERAGE-COST $ $ Cost of goods sold
Step 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