Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Shamrock, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock, Inc.'s purchases of EZslide snowboards during
Shamrock, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock, Inc.'s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Shamrock, Inc. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 10 $111 $1,110 Sept. 12 Purchases 56 114 6,384 Sept. 19 Purchases 60 115 6,900 Sept. 26 Purchases 24 116 2,784 Totals 150 $17,178 (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 O decimal places, e.g. 125.) 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 $ $
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