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 Units Inventory Purchases Purchases Purchases Totals 12 The ending inventory at September 30 Cost of goods sold 43 52 19 126 $ Unit Cost $118 $ 121 122 123 Total Cost 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.) $1,416 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 Units Inventory Purchases Purchases Purchases Totals 12 The ending inventory at September 30 Cost of goods sold 43 52 19 126 $ Unit Cost $118 $ 121 122 123 Total Cost 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.) $1,416 FIFO 5,203 6,344 2,337 $15.300 $ $ LIFO $ $ Average-cost
Chapter1: Financial Statements And Business Decisions
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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 Units
Inventory
Purchases
Purchases
Purchases
Totals
12
The ending inventory at
September 30
Cost of goods sold
43
52
19
126
$
Unit Cost
$118
$
121
122
123
Total Cost
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.)
$1,416
FIFO
5,203
6,344
2,337
$15.300
$
$
LIFO
$
$
Average-cost
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Step 1: Introducing Inventory Valuation
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VIEWStep 3: Calculate the Cost of Ending Inventory & Cost of Goods Sold Under LIFO Method
VIEWStep 4: Calculate the Cost of Ending Inventory & Cost of Goods Sold Under Weighted Average Method
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