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Snow-Tech, Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November:
Snow-Tech, Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Unit Unit Sales Cost/Price Price $295 Date Units Nov. 1 Explanation Beginning inventory Purchases 32 5 300 24 12 Sales 480 305 19 Purchases (42) 41 (49) 35 491 22 Sales Purchases 310 25 41 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25. Do not round intermediate calculations.) FIFO Average Cost Cost of goods sold $ $ Ending inventory $ ta
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