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Bonita sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bonita's purchases of WhiteOut snowboards during September. During the same month, 124 WhiteOut snowboards were sold at $163 each. Bonita uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals Ending Inventory $ LA 27 LA 48 Your answer is incorrect. Cost of Goods Sold $ 26 49 150 Unit Cost $100 FIFO 106 109 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 113 Total Cost $2,700 5,088 2,834 5,537 $16,159 tA tA LIFO I

Bonita sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bonita's purchases of WhiteOut snowboards during September. During the same month, 124 WhiteOut snowboards were sold at $163 each. Bonita uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals Ending Inventory $ LA 27 LA 48 Your answer is incorrect. Cost of Goods Sold $ 26 49 150 Unit Cost $100 FIFO 106 109 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 113 Total Cost $2,700 5,088 2,834 5,537 $16,159 tA tA LIFO I

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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Bonita sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bonita's purchases of WhiteOut snowboards during September. During the same month, 124 WhiteOut snowboards were sold at $163 each. Bonita uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals Ending Inventory LA 27 LA 48 Your answer is incorrect. Cost of Goods Sold $ 26 49 150 Unit Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $100 106 109 FIFO 113 Total Cost $2,700 5,088 2,834 5,537 $16,159 tA tA LIFO |
Transcribed Image Text:Bonita sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bonita's purchases of WhiteOut snowboards during September. During the same month, 124 WhiteOut snowboards were sold at $163 each. Bonita uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals Ending Inventory LA 27 LA 48 Your answer is incorrect. Cost of Goods Sold $ 26 49 150 Unit Cost Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $100 106 109 FIFO 113 Total Cost $2,700 5,088 2,834 5,537 $16,159 tA tA LIFO |
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