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

image text in transcribed

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, 102 EZslide snowboards were sold. Teal Mountain Inc. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory Sept. 12 Sept. 19 Sept. 26 Purchases Purchases Purchases 49 53 20 $107 110 111 1 12 $ 1,391 5.390 ,883 2,240 5 Totals $14,904 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ 11,221 $ 3683 $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $

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

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

7th Edition

0912503688, 978-0912503684

More Books

Students also viewed these Accounting questions