Question
Shamrock, Inc. sells the EZslide, a snowboard popular with snowboard enthusiasts. Below is information regarding Shamrock, Inc.'s EZslide snowboard purchases in September. In the same
Shamrock, Inc. sells the EZslide, a snowboard popular with snowboard enthusiasts. Below is information regarding Shamrock, Inc.'s EZslide snowboard purchases in September. In the same month, 103 EZslide snowboards were sold. Shamrock, Inc. uses a periodic inventory system.
Date Description Units Unit Cost Total Cost
September 1 Inventory 10 $111 $1,110
September 12 Purchases 56 114 6,384
September 19 Purchases 60 115 6900
September 26 Purchases 24 116 2,784
Total 150 $17.178
Required
a)Calculate ending Inventory at September 30
b) Calculate the cost of goods sold on September 30 using the FIFO, LIFO, and average cost methods.
Step by Step Solution
3.37 Rating (144 Votes )
There are 3 Steps involved in it
Step: 1
a To calculate the ending inventory at September 30 we need to add up the units and total costs of a...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