Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 6-4 Cheyenne Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cheyenne's purchases of Xpert snowboards during September is shown below. During the same month, 273 Xpert snowboards were sold. Cheyenne's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 52 HK$980 HK$ 50,960 Purchases 102 1,035 105,570 Sept. 19 Purchases 45 1,067 48,015 Sept. 26 Purchases 99 1,146 113,454 Totals 298 HK$317,999 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

Exercise 6-4 Cheyenne Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cheyenne's purchases of Xpert snowboards during September is shown below. During the same month, 273 Xpert snowboards were sold. Cheyenne's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 52 HK$980 HK$ 50,960 Purchases 102 1,035 105,570 Sept. 19 Purchases 45 1,067 48,015 Sept. 26 Purchases 99 1,146 113,454 Totals 298 HK$317,999 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

PLEASE ANSWER

Exercise 6-4 Cheyenne Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cheyenne's purchases of Xpert snowboards during September is shown below. During the same month, 273 Xpert snowboards were sold. Cheyenne's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 52 HK$980 HK$ 50,960 Purchases 102 1,035 105,570 Sept. 19 Purchases 45 1,067 48,015 Sept. 26 Purchases 99 1,146 113,454 Totals 298 HK$317,999 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$
Transcribed Image Text:Exercise 6-4 Cheyenne Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Cheyenne's purchases of Xpert snowboards during September is shown below. During the same month, 273 Xpert snowboards were sold. Cheyenne's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Inventory 52 HK$980 HK$ 50,960 Purchases 102 1,035 105,570 Sept. 19 Purchases 45 1,067 48,015 Sept. 26 Purchases 99 1,146 113,454 Totals 298 HK$317,999 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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