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 periodicand cost ofriodic FIFO,rost.inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Sept. 12 o PurchasesSept. 19Sept. 26$100 $ 1,2004,6358O5,200Inventory1245103Purchases50104Purchases201052,100Totals127$13,135 InstructionsCompute 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.E6-5 Rusthe Inc uses aneriodic inyentory system. Its records show the following for the

Computation of ending inventory at September 30 and the cost of goods sold under FIFO 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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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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Bhil Give me correct answer with explanation
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