Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brotherss purchases of EZslide snowboards during September.

Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brotherss purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept.

1

Inventory

15

$94

$1,410

12

Purchase

45

96

4,320

19

Purchase

50

98

4,900

26

Purchase

20

99

1,980

Total

130

$12,610

Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

FIFO

LIFO

AVERAGE-COST

Ending inventory at September 30

$enter ending inventory using First In First Out at September 30 in dollars $enter ending inventory using Last In First Out at September 30 in dollars $enter ending inventory using average-cost at September 30 in dollars

Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.

FIFO

LIFO

AVERAGE-COST

Cost of goods sold $enter cost of goods sold using First In First Out in dollars $enter cost of goods sold using Last In First Out in dollars $enter cost of goods sold using average-cost in dollars

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_2

Step: 3

blur-text-image_3

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

Financial Audit American Battle Monuments Commissions Financial Statements For Fiscal Years 2011 And 2010

Authors: Government Accountability Office

1st Edition

1492310883, 978-1492310884

More Books

Students also viewed these Accounting questions

Question

Find the derivatives of the following functions. f(x) = cos(ex).

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago

Question

What is meant by organisational theory ?

Answered: 1 week ago