Monty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Monty'sbeginning inventory and purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards weresold. Monty uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26ExplanationInventoryPurchasesPurchasesPurchasesTotalsThe ending inventory atSeptember 30Units Unit CostCost of goods sold11455021127$9396$9798Total Cost$ 1,023FIFO4,320Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round perunit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)4,8502,058$12,251$$LIFOAverage-cost

Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Monty sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Monty's
beginning inventory and purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were
sold. Monty uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation
Inventory
Purchases
Purchases
Purchases
Totals
The ending inventory at
September 30
Units Unit Cost
Cost of goods sold
11
45
50
21
127
$93
96
$
97
98
Total Cost
$ 1,023
FIFO
4,320
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per
unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
4,850
2,058
$12,251
$
$
LIFO
Average-cost

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