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 periodicinventory system.Compute inventory and cost ofgoods sold using periodic FIFO,LIFO, and average-cost.(LO 2), APTotal CostDateExplanationUnitsUnit Cost$ 1,2004,635$100103Sept. 1Sept. 12Sept. 19Sept. 26InventoryPurchases1245Purchases1041055,20050Purchases202,100$13,135Totals127ExercisesInstructionsCompute 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 threedecimal places.) Prove the amount allocated to cost of goods sold under each method.

Compute ending inventory and cost of goods sold using FIFO and LIFO method:

Answered: E6-4 Mather sells a snowboard, EZslide,…

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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Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 Total Cost $4,160 2,500 2,400 2,070 $11,130 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
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