Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) Average Cost of goods sold s Ending inventory $ SHOW SOLUTION Cost of goods sold Ending inventory FIFO $ $ Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a periodic inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) FIFO Average $
Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) Average Cost of goods sold s Ending inventory $ SHOW SOLUTION Cost of goods sold Ending inventory FIFO $ $ Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a periodic inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) FIFO Average $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 6-15
Snow-Tech, Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during December:
Date Explanation
Dec. 1 Beginning inventory
6 Purchases
13 Sales
19 Purchases
22 Sales
25 Purchases
Cost of goods sold
Ending inventory
SHOW SOLUTION
Unit
Cost
Units
33
$299
24 304
Cost of goods sold
Ending inventory
(38)
FIFO
*®*|*|
Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and
Average cost answers to 2 decimal places, e.g. 15.25.)
FIFO
Average
309
$
314
Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a periodic inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and
Average cost answers to 2 decimal places, e.g. 15.25.)
Average
S
Unit Sales
Price
$492
503
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