Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Coronado's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Coronado's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$985 HK$ 22,655 Sept. 12 Purchases 45 1,036 46,620 Sept. 19 Purchases 20 1,063 21,260 Sept. 26 Purchases 1,071 47,124 Totals HK$137,659 Date Unit Price Total Cost Sept. 5 Sale 12 HK$2,032 HK$24,384 Sept. 16 Sale 50 2,075 103,750 Sept. 29 Sale 59 2,134 125,906 Totals 121 HK$254,040 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST The ending inventory HK$ HK$ ¥| Units 44 132

Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Coronado's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Coronado's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$985 HK$ 22,655 Sept. 12 Purchases 45 1,036 46,620 Sept. 19 Purchases 20 1,063 21,260 Sept. 26 Purchases 1,071 47,124 Totals HK$137,659 Date Unit Price Total Cost Sept. 5 Sale 12 HK$2,032 HK$24,384 Sept. 16 Sale 50 2,075 103,750 Sept. 29 Sale 59 2,134 125,906 Totals 121 HK$254,040 Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST The ending inventory HK$ HK$ ¥| Units 44 132

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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Required information Trey Monson starts a merchandising business on December 1 and enters Into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 15 units e $10.00 cost Je units e $15.00 cost 25 units e $18.00 cost Required: Monson sells 25 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost of Goods Cost per Available for # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units unit Sold Sale December 7 Docember 14
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Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the LIFO method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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