Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Teal Mountain Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain Inc.s purchases of EZslide snowboards

Teal Mountain Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain Inc.s purchases of EZslide snowboards during September. During the same month, 110 EZslide snowboards were sold.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

13

$ 107

$ 1,391

Sept. 12

Purchases

45

110

4,950

Sept. 19

Purchases

58

111

6,438

Sept. 26

Purchases

23

112

2,576

Totals

139

$ 15,355

Additional data regarding the companys sales of EZslide snowboards are provided below. Assume that Teal Mountain Inc. uses a perpetual inventory system.

Date

Units

Sept. 5

Sale

8

Sept. 16

Sale

48

Sept. 29

Sale

54

Totals

110

(a)

Correct answer icon

Your answer is correct.

Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)

September 1

$ enter a dollar amount

September 5

$ enter a dollar amount

September 12

$ enter a dollar amount

September 16

$ enter a dollar amount

September 19

$ enter a dollar amount

September 26

$ enter a dollar amount

September 29

$ enter a dollar amount

eTextbook and Media

Attempts: 1 of 8 used

Question Part Score

1.4/1.4

(b)

Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$ enter a dollar amount $ enter a dollar amount $ enter a dollar amount

I only need the answers and work for Part B

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

Strategy, Value And RiskThe Real Options Approach

Authors: J. Rogers

2nd Edition

0230577377, 9780230577374

More Books

Students also viewed these Accounting questions

Question

understand what working means to workers;

Answered: 1 week ago