Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Coronado's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Coronado's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$985 HK$ 22,655 Sept. 12 Purchases 45 1,036 46,620 Sept. 19 Purchases 20 1,063 21,260 Sept. 26 Purchases 1,071 47,124 Totals HK$137,659 Date Unit Price Total Cost Sept. 5 Sale 12 HK$2,032 HK$24,384 Sept. 16 Sale 50 2,075 103,750 Sept. 29 Sale 59 2,134 125,906 Totals 121 HK$254,040 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST The ending inventory HK$ HK$ ¥| Units 44 132
Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Coronado's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Coronado's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$985 HK$ 22,655 Sept. 12 Purchases 45 1,036 46,620 Sept. 19 Purchases 20 1,063 21,260 Sept. 26 Purchases 1,071 47,124 Totals HK$137,659 Date Unit Price Total Cost Sept. 5 Sale 12 HK$2,032 HK$24,384 Sept. 16 Sale 50 2,075 103,750 Sept. 29 Sale 59 2,134 125,906 Totals 121 HK$254,040 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST The ending inventory HK$ HK$ ¥| Units 44 132
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...
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