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Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   13   $104   $ 1,352 Sept. 12   Purchases   46   107   4,922 Sept. 19   Purchases   50   108   5,400 Sept. 26   Purchases   20   109   2,180     Totals   129       $13,854

Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   13   $104   $ 1,352 Sept. 12   Purchases   46   107   4,922 Sept. 19   Purchases   50   108   5,400 Sept. 26   Purchases   20   109   2,180     Totals   129       $13,854

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter2: Working With The Tax Law
Section: Chapter Questions
Problem 1RP
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Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system.

Date
  
Explanation
  
Units
  
Unit Cost
  
Total Cost
Sept. 1   Inventory  
13
  
$104
  
$ 1,352
Sept. 12   Purchases  
46
  
107
  
4,922
Sept. 19   Purchases  
50
  
108
  
5,400
Sept. 26   Purchases  
20
  
109
  
2,180
    Totals  
129
      
$13,854



(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 0 decimal places, e.g. 125.)

   
FIFO
  
LIFO
  
AVERAGE-COST
The ending inventory at September 30   $enter a dollar amount rounded to 0 decimal places    $enter a dollar amount rounded to 0 decimal places    $enter a dollar amount rounded to 0 decimal places 



(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 0 decimal places, e.g. 125.)

   
FIFO
  
LIFO
  
AVERAGE-COST
Cost of goods sold   $enter a dollar amount rounded to 0 decimal places    $enter a dollar amount rounded to 0 decimal places    $enter a dollar amount rounded to 0 decimal places 
·Homepage - Cypr Ch6 Extra Practice Ch6 (Part 1) HWK NWP Assessment NWP Assessment NWP Assessment G how to take a scre b Answered: Blossor O Pronghorn Corp se + Q 88 | A education.wiley.com/was/ui/v2/assessment-player/index.html e Ch6 (Part 1) HWK DUE AT 11 PM Question 1 of 1 16.67 / 25 Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $104 $ 1,352 Sept. 12 Purchases 46 107 4,922 Sept. 19 Purchases 50 108 5,400 Sept. 26 Purchases 20 109 2,180 Totals 129 $13,854 (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 $ 2,720 $ 2,636 $ 2,675 September 30
Transcribed Image Text:·Homepage - Cypr Ch6 Extra Practice Ch6 (Part 1) HWK NWP Assessment NWP Assessment NWP Assessment G how to take a scre b Answered: Blossor O Pronghorn Corp se + Q 88 | A education.wiley.com/was/ui/v2/assessment-player/index.html e Ch6 (Part 1) HWK DUE AT 11 PM Question 1 of 1 16.67 / 25 Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company's purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $104 $ 1,352 Sept. 12 Purchases 46 107 4,922 Sept. 19 Purchases 50 108 5,400 Sept. 26 Purchases 20 109 2,180 Totals 129 $13,854 (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 $ 2,720 $ 2,636 $ 2,675 September 30
·Homepage - Cypr Ch6 Extra Practice Ch6 (Part 1) HWK NWP Assessment NWP Assessment NWP Assessment G how to take a scre b Answered: Blossor O Pronghorn Corp se + Q 88 | A education.wiley.com/was/ui/v2/assessment-player/index.html e Ch6 (Part 1) HWK DUE AT 11 PM Question 1 of 1 16.67 / 25 (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 $ 2,720 $4 2,636 $ 2,675 September 30 (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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold 11,134 $ 11,218 11,179 eTextbook and Media Save for Later Attempts: 2 of 5 used Submit Answer II
Transcribed Image Text:·Homepage - Cypr Ch6 Extra Practice Ch6 (Part 1) HWK NWP Assessment NWP Assessment NWP Assessment G how to take a scre b Answered: Blossor O Pronghorn Corp se + Q 88 | A education.wiley.com/was/ui/v2/assessment-player/index.html e Ch6 (Part 1) HWK DUE AT 11 PM Question 1 of 1 16.67 / 25 (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 $ 2,720 $4 2,636 $ 2,675 September 30 (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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold 11,134 $ 11,218 11,179 eTextbook and Media Save for Later Attempts: 2 of 5 used Submit Answer II
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