I tried solving this but it turns out I got the entire question wrong. I'm not sure if I was supposed to subtract the 109 from the 140 and use the 31 to solve for ending inventory. ## Indigo Corporation: Inventory Analysis of EZslide SnowboardsIndigo Corporation sells a popular snowboard, EZslide, favored by snowboard enthusiasts. The following data details Indigo Corporation’s purchases of EZslide snowboards during September. Throughout the same month, 109 EZslide snowboards were sold. Indigo Corporation employs a periodic inventory system.### Inventory Data Table| Date | Explanation | Units | Unit Cost | Total Cost ||------------|-------------|-------|-----------|------------|| Sept. 1 | Inventory | 12 | $105 | $1,260 || Sept. 12 | Purchases | 50 | $108 | $5,400 || Sept. 19 | Purchases | 57 | $109 | $6,213 || Sept. 26 | Purchases | 21 | $110 | $2,310 || **Totals** | | **140** | | **$15,183** |### Instructions for CalculationCompute the ending inventory as of September 30 using FIFO, LIFO, and average-cost methods. When calculating the average cost, round the cost per unit to three decimal places (e.g., 125.153) and the final results to zero decimal places (e.g., 125).

FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…

Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation's purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases Purchases Purchases Totals 12 50 57 21 140 108 109 110 Total Cost $1,260 5,400 6,213 2,310 $15,183 (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 O decimal places, e.g. 125.)

Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation's purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases Purchases Purchases Totals 12 50 57 21 140 108 109 110 Total Cost $1,260 5,400 6,213 2,310 $15,183 (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 O decimal places, e.g. 125.)

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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Blake Company purchased two identical inventory items. The item purchased first cost $27.00, and the item purchased second cost $28.00. Blake sold one of the items for $50.00. Which of the following statements is true? Multiple Choice O The dollar amount assigned to ending inventory will be the same matter which inventory cost flow method is used. Cost of goods sold will be higher if Blake uses the FIFO rather than the weighted-average inventory cost flow method. Ending inventory will be lower if Blake uses the weighted-average rather than the FIFO inventory cost flow method. Gross margin will be higher if Blake uses LIFO rather than the FIFO inventory cost flow method.
What will be the correct answer for weight average cost method for ending inventory and cost of goods sold?
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Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.