E6-4 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather's purchases of EZslide snowboards during Sep- tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost. (LO 2), AP Total Cost Date Explanation Units Unit Cost $ 1,200 4,635 $100 103 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases 12 45 Purchases 104 105 5,200 50 Purchases 20 2,100 $13,135 Totals 127 Exercises 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 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather's purchases of EZslide snowboards during Sep- tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. Compute inventory and cost of goods sold using periodic FIFO, LIFO, and average-cost. (LO 2), AP Total Cost Date Explanation Units Unit Cost $ 1,200 4,635 $100 103 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases 12 45 Purchases 104 105 5,200 50 Purchases 20 2,100 $13,135 Totals 127 Exercises 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:E6-4 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts.
Below is information relating to Mather's purchases of EZslide snowboards during Sep-
tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic
inventory system.
Compute inventory and cost of
goods sold using periodic FIFO,
LIFO, and average-cost.
(LO 2), AP
Total Cost
Date
Explanation
Units
Unit Cost
$ 1,200
4,635
$100
103
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Inventory
Purchases
12
45
Purchases
104
105
5,200
50
Purchases
20
2,100
$13,135
Totals
127
Exercises
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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