Question
Wildhorse sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse's purchases of WhiteOut snowboards during September.
Wildhorse sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse's purchases of WhiteOut snowboards during September. During the same month, 125 WhiteOut snowboards were sold at $165 each. Wildhorse uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory Sept. 12 Purchases Sept. 19 Purchases Sept. 26 Purchases 225 23 $99 $2,277 45 106 4,770 26 109 2,834 53 112 5,936 Totals 147 $15,817 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Ending Inventory $ Cost of Goods Sold $ FIFO $ LIFO
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
5th edition
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