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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 ski during December:
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 ski during December: Unit Units Cost Dec. 1 Beginning inventory 33 $296 21 301 Unit Sales Price Date Explanation 6 Purchases 13 Sales 19 Purchases 22 Sales 25 Purchases (39) 44 (46) 30 43 $498 306 509 311 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a periodic inventory system. (Round FIFO answers to the nearest whole dollor, eg.5,275 and Average cost answers to 2 decimal places, eg. 15.25) FIFO Average Cost of goods sold Ending inventory
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