E6-4 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather's purchases of EZslide snowboards during Sep- tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost. (LO 2), AP Total Cost Date Explanation Units Unit Cost $ 1,200 4,635 $100 103 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases 12 45 Purchases 104 105 5,200 50 Purchases 20 2,100 $13,135 Totals 127 Exercises Instructions Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

E6-4 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather's purchases of EZslide snowboards during Sep- tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost. (LO 2), AP Total Cost Date Explanation Units Unit Cost $ 1,200 4,635 $100 103 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases 12 45 Purchases 104 105 5,200 50 Purchases 20 2,100 $13,135 Totals 127 Exercises Instructions Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

See similar textbooks

Similar questions

Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $ 1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 114 6,042 Sept. 26 Purchases 20 115 2,300 Totals 135 $15,309 (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 $Enter a dollar amount $Enter a dollar amount…
Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (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 $Enter a dollar amount $Enter a dollar amount (b) Compute the…
Kimberly’s boards sells a snowboard, Xpert, that has popular snowboard enthusiasts. Information relating to Kymberly’s purchases of Xpert snowboards doing September is shown below. During the same month, 124 Xpert words were sold. Kymberly's uses a periodic inventory system. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system.
Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $ 105 $ 1,260 Sept. 12 Purchases 50 108 5,400 Sept. 19 Purchases 57 109 6,213 Sept. 26 Purchases 21 110 2,310 Totals 140 $ 15,183 (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 $ Enter a dollar amount $ Enter a dollar amount…
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…
Wilderness Inc. uses a perpetual inventory system and follows ASPE standards. During September, the following transactions occurred regarding their backpack inventory: Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB Shipping Point. Sept 5 The necessary party paid the shipping fees of $50 from the Sept. 4 transaction. Sept 6 Returned $250 of the backpacks that were purchased Sept. 4 that were defective. Sept 9 Sold backpacks for $1,000 to University Supply, terms 2/15, n/30, FOB Shipping Point. The cost of the backpacks were $600. Sept 11 The necessary party paid the shipping fees of $75 for the Sept. 9 transaction. Sept 13 Paid amount owed to Back Packs Unlimted for September transactions. Sept 16 University Supply found some damages on 3 of the backpacks that were sold on Sept. 9 so we granted them an allowance of $100. Sept 22 Received payment from University Supply for September…
Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $106 $ 1,272 Sept. 12 Purchases 45 109 4,905 Sept. 19 Purchases 55 110 6,050 Sept. 26 Purchases 21 111 2,331 Totals 133 $14,558 (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 $Enter a dollar amount $Enter a dollar amount (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.…
Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Inc.’s purchases of EZslide snowboards during September. During the same month, 92 EZslide snowboards were sold. Kingbird, Inc. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $108 $ 1,296 Sept. 12 Purchases 45 111 4,995 Sept. 19 Purchases 51 112 5,712 Sept. 26 Purchases 19 113 2,147 Totals 127 $14,150 (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 $Enter a dollar amount $Enter a dollar amount (b) Compute the…
Betty’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Betty’s purchases of Xpert snowboards during September is shown below. During the same month, 118 Xpert snowboards were sold. Betty’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 28 $97 $ 2,716 Sept. 12 Purchases 47 102 4,794 Sept. 19 Purchases 22 104 2,288 Sept. 26 Purchases 52 105 5,460 Totals 149 $15,258 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount Cost of goods sold $Enter a dollar amount $Enter a dollar amount
Maria’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Maria’s purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Maria’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 28 $97 $ 2,716 Sept. 12 Purchases 45 102 4,590 Sept. 19 Purchases 20 104 2,080 Sept. 26 Purchases 50 105 5,250 Totals 143 $14,636
Blue Company is a paints supply store. During the year, Blue Company sold 62 paint bottles. Calculate the value of ending inventory according to FIFO method. Purchases No of paint bottles purchased Cost/Unit April 1 40 8 May 3 20 9 June 20 20 10 a. RO 520 b. RO 556 c. RO 180 d. RO 144