E6-4 Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott's purchases of Xpert snowboards during Sep- tember. During the same month, 102 Xpert snowboards were sold. Delmott uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases Purchases 12 $100 $ 1,200 4,635 5,200 2,100 45 103 50 104 20 105 Totals 127 $13,135 Instructions Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

E6-4 Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott's purchases of Xpert snowboards during Sep- tember. During the same month, 102 Xpert snowboards were sold. Delmott uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases Purchases 12 $100 $ 1,200 4,635 5,200 2,100 45 103 50 104 20 105 Totals 127 $13,135 Instructions Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

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Description: E6-4 Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts.Below is information relating to Delmott's purchases of Xpert snowboards during Sep-tember. During the same month, 102 Xpert snowboards were sold. Delmott uses a perio

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (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 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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ces During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Units Cost Total Cost 60 $82 $4,920 250 85 21,250 200 90 18,000 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 31 LIFO Beginning Inventory Purchases May 5 November 3 Total Transaction Beginning inventory Purchase Purchase Cost of Goods Available for Sale Number Cost per of units unit 60 $ 82 250 $ 85 200 $ 90 510 Cost of Goods Available for Sale $ 4,920 S 21,250 18,000 44,170 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit Ending Inventory Number Cost per of units unit Ending Inventory
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