Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Kingbird's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Cost of goods sold 12 43 52 19 126 $ Unit Cost $ $118 121 122 123 Total Cost $1,416 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO 5,203 6,344 2,337 $15,300 $ $ LIFO $ $ Average-cost
Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Kingbird's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Cost of goods sold 12 43 52 19 126 $ Unit Cost $ $118 121 122 123 Total Cost $1,416 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO 5,203 6,344 2,337 $15,300 $ $ LIFO $ $ Average-cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Bhil
Give me correct answer with explanation
Transcribed Image Text:Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Kingbird's
purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a
periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation
Inventory
Purchases
Purchases
Purchases
Totals
The ending inventory at
September 30
Units
Cost of goods sold
12
43
52
19
126
$
Unit Cost
$
$118
121
122
123
Total Cost
$1,416
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per
unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
FIFO
5,203
6,344
2,337
$15,300
$
$
LIFO
$
$
Average-cost
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
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,
Accounting
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