(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)The ending inventory atSeptember 30$Cost of goods sold $FIFOFIFO$$(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)LIFOLIFO$$AVERAGE-COSTAVERAGE-COST Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla VistaCo's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co.uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26Explanation UnitsInventoryPurchasesPurchasesPurchasesTotals15425721135Unit Cost$100103104105Total Cost$1,5004,3265,9282,205$13,959

Name: (a) Compute the ending inventory at September 30 using the FIFO, LIFO
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Description: (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)The ending inventory atSeptember 30$Cost o

Ending inventory is the inventory in hand at the end of the period. It is the amount of inventory…

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Accounting

Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista Co.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 Unit Cost $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959

Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista Co.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 Unit Cost $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

(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 O decimal places, e.g. 125.)
The ending inventory at
September 30
$
Cost of goods sold $
FIFO
FIFO
$
$
(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. 125.153 and final answers to O decimal places, e.g. 125.)
LIFO
LIFO
$
$
AVERAGE-COST
AVERAGE-COST

Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista
Co's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co.
uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
15
42
57
21
135
Unit Cost
$100
103
104
105
Total Cost
$1,500
4,326
5,928
2,205
$13,959

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