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2240 13242 LIFO 2000

2240 13242 LIFO 2000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018
Transcribed Image Text:Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018
Carla Vista Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Carla Vista Co's purchases of WhiteOut snowboards during September. During the same month, 110 WhiteOut snowboards were sold at $170 each. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 Purchases Purchases Purchases Totals 22 38 21 42 123 106 110 112 Total Cost $2,200 4,028 2,310 4,704 $13,242
Transcribed Image Text:Carla Vista Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Carla Vista Co's purchases of WhiteOut snowboards during September. During the same month, 110 WhiteOut snowboards were sold at $170 each. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 Purchases Purchases Purchases Totals 22 38 21 42 123 106 110 112 Total Cost $2,200 4,028 2,310 4,704 $13,242
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