Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock'spurchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses aperiodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Inventory15$86$1,29012Purchase45883,96019Purchase50904,50026Purchase20911,820Total130$11,570Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.Ending inventory atSeptember 30$FIFO$LIFOCompute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.Cost of goods sold$FIFO$AVERAGE-COSTLIFOAVERAGE-COST$$

Inventory:Inventory refers to the raw materials that are used to produce goods and the goods that…

Answered: Date Explanation Units Unit Cost Total…

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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I need to know the gross profit using FIFO and LIFO for this problemI need to know the gross profit using FIFO and LIFO for this problem
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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570