Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlock's beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $81 Purchases Purchases Purchases Totals 12 The ending inventory at September 30 Cost of goods sold 245 43 51 18 124 84 SA 85 86 Total Cost $972 3,612 4,335 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, eg. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO 1,548 $10,467 $ $ LIFO $ Average-cost
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlock's beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $81 Purchases Purchases Purchases Totals 12 The ending inventory at September 30 Cost of goods sold 245 43 51 18 124 84 SA 85 86 Total Cost $972 3,612 4,335 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, eg. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO 1,548 $10,467 $ $ LIFO $ Average-cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlock's
beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were
sold. Metlock uses a periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units Unit Cost Total Cost
Inventory
$81
$972
Purchases
3,612
Purchases
4,335
Purchases
1,548
Totals
$10,467
The ending inventory at
September 30
Cost of goods sold
12
Tovthank and Media
43
51
18
124
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.)
$
84
$
85
86
FIFO
$
$
LIFO
$
Average-cost
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