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. The following is information relating to Splish Brotherss beginning inventory and purchases of

Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Splish Brotherss beginning inventory and purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1 Inventory

13

$98

$ 1,274

Sept. 12 Purchases

44

101

4,444

Sept. 19 Purchases

52

102

5,304

Sept. 26 Purchases

20

103

2,060

Totals

129

$13,082

Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)

FIFO

LIFO

Average-cost

The ending inventory at September 30

$enter the ending inventory at Sepetember 30 as per FIFO amount in dollars

$enter the ending inventory at Sepetember 30 as per LIFO amount in dollars

$enter the ending inventory at Sepetember 30 as per Average-cost amount in dollars

Cost of goods sold

$enter the cost of goods sold as per FIFO amount in dollars

$enter the cost of goods sold as per LIFO amount in dollars

$enter the cost of goods sold as per Average-cost amount 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

Human Resources Audit Analysis Of And Collective Staff Performance

Authors: Hassani Moindjie MLIMI

1st Edition

6203356999, 978-6203356991

More Books

Students also viewed these Accounting questions

Question

Discuss the importance of workforce planning.

Answered: 1 week ago

Question

Differentiate between a mission statement and a vision statement.

Answered: 1 week ago