Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchase 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 $108 $1,620 12 Purchase 45 110 4,950 19 Purchase 50 112 5,600 26 Purchase 20 113 2,260 Total 130 $14,430 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO Ending inventory at September 30 $ LIFO AVERAGE-COST $ $ Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO Cost of goods sold $ eTextbook and Media Save for Later $ LIFO AVERAGE-COST $ Attempts: 0 of 3 used Submit Answe
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchase 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 $108 $1,620 12 Purchase 45 110 4,950 19 Purchase 50 112 5,600 26 Purchase 20 113 2,260 Total 130 $14,430 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO Ending inventory at September 30 $ LIFO AVERAGE-COST $ $ Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO Cost of goods sold $ eTextbook and Media Save for Later $ LIFO AVERAGE-COST $ Attempts: 0 of 3 used Submit Answe
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 9E: Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens...
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
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