Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Company's purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system. Date Explanation Unit Cost Total Cost Sept. 1 Inventory Units 13 46 $104 $1,352 Purchases 107 4.922 Sept. 12 Sept. 19 Purchases 108 Sept. 26 Purchases 21 109 5,832 2,289 $14,395 Totals _134 (1) 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 decimal places, eg, 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ (a2) 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, eg. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ eTextbook and Media

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

Public Sector Accounting Auditing And Control In South Eastern Europe

Authors: Vesna Vašiček, Gorana Roje

1st Edition

303003352X, 978-3030033521

More Books

Students also viewed these Accounting questions