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

See similar textbooks

Similar questions

Uramilaben
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used Please don't provide answer in image format thank you
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…
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12. Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49.350 Totals 120 HK$122.920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg 125) FIFO…
REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnember During the same month, 100 snowboards were sold REloses a periodic inventory system Dale Sept. 1 Sept. 12 Sept 19 Sept. 26 Explanation Unit Unit Cont Inventory 15 $110 Purchases 48 113 Purchases 33 114 Purchases 24 115 Totals 140 Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per 3 decimal places eg. 125.153 and final answers to 0 decimal places 125 Ending inventory at September 30 eTextbook and Media FIFO Your answer is incorrect Cost of goods sold 2775 FIFO $1.630 5,424 6042 3.760 $15.876 13654 LIFO Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average cost per unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 1253 1344 UFD ETDA AVERAGE-COST $ 3402 AVERAGE-COST 130825
E6.5 (LO 2), AP Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Mather's beginning inventory and purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. Date Unit Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 12 45 50 20 127 $100 103 104 105 Total Cost $1,200 4,635 5,200 2,100 $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 weighted-average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method. Calculate inventory and cost of goods sold using FIFO, average-cost, and LIFO in a periodic inventory system.
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 119Xpertsnowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept 1 Inventory 25 $95 $2,375 Sept. 12 Purchases 45 100 4.500 Sept 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5.150 Totals 140 $14.065 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 Cost of goods sold
If Farmers' uses a first-in, first-out (FIFO) periodic inventory system, the total cost of the inventory for mower blades at May 31 is a. $392,230 b. $536,800 c. $402,600 d. $394,975
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Bhil Give me correct answer with explanation

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS