Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $95 $ 2,470 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,620 (a) Your answer has been saved. See score details after the due date. 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 eTextbook and Media Attempts: 1 of 1 used (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $95 $ 2,470 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,620 (a) Your answer has been saved. See score details after the due date. 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 eTextbook and Media Attempts: 1 of 1 used (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
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Question
Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system.
|
Date
|
Explanation
|
Units
|
Unit Cost
|
Total Cost
|
||||
|---|---|---|---|---|---|---|---|---|
| Sept. 1 | Inventory |
26
|
$95
|
$ 2,470
|
||||
| Sept. 12 | Purchases |
45
|
104
|
4,680
|
||||
| Sept. 19 | Purchases |
20
|
106
|
2,120
|
||||
| Sept. 26 | Purchases |
50
|
107
|
5,350
|
||||
| Totals |
141
|
$14,620
|
(a)
Your answer has been saved. See score details after the due date.
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
|
eTextbook and Media
Attempts: 1 of 1 used
(b)
For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
|
FIFO
|
LIFO
|
|||
|---|---|---|---|---|
| The sum of ending inventory and cost of goods sold |
$Enter a dollar amount
|
$Enter a dollar amount
|
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