Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Swifty's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Swifty's purchases and sales of Xpert snowboards during September is

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Swifty's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Swifty's purchases and sales of Xpert snowboards during September is shown below. During the same month, 133 Xpert snowboards were sold. Additional data regarding Swifty's sales of Xpert snowboards are provided below. Assume that Swifty's uses a perpetual inventory system. Unit Cost Date Explanation Units Total Cost Sept. 1 Inventory 29 $102 $2.958 Sept. 12 Purchases 50 105 5.250 Sept. 19 Purchases 22 107 2,354 Sept. 26 Purchases 55 110 6,050 Totals 156 $16,612 Activate Windows Date Units Unit Price Total Revenue Sept. 5 Sale 13 $199 $2,587 Sept. 16 Sale 55 199 10.945 Sept. 29 Sale 65 209 13,585 Totals 133 $27.117 Calculate moving average cost at Sept 1, 5, 12, 16, 19.26 & 29. (Round answers to 2 decimal places, eg, 1.25) September 1 $ September $ Activate Windo September 12 $ Calculate moving average cost at Sept 1,5,12,16,19,26 & 29. (Round answers to 2 decimal places, eg. 1.25.) $ $ September 1 September 5 September 12 September 16 $ $ September 19 $ September 26 $ September 29 s Compute ending inventory at September 30 using FIFO, LIFO, and moving average cost. (Round average-cost per unit to 2 decimal places, eg. 12.50 and final answer to decimal places, eg. 1,250.) FIFO LIFO MOVING-AVERAGE COST The ending inventory $ $ s Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, eg. 1.250) Periodic Perpetual Ending Inventory FIFO $ $ Activate Windows Ending Inventory LIFO $ S Which inventory cost flow method (FIFO, LIFO) gives the same ending inventory value under both periodic and perpetual? Which method gives different ending inventory values

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

Step: 3

blur-text-image

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

Money Laundering Prevention Deterring Detecting And Resolving Financial Fraud

Authors: Jonathan E. Turner

1st Edition

0470874759, 978-0470874752

More Books

Students also viewed these Accounting questions