Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information showsMountain Country's purchases and sales of Xpert skateboards during November:DateNov.(a)1 Beginning inventory5121922Explanation25PurchasesSalesPurchasesSalesPurchases.Cost of goods sold $Ending inventoryUnits$34FIFO24(42)43(49)3545UnitCost/Price$299304467Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses aperpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g.5,275.25. Do not round intermediate calculations.)309519314$$Average Cost

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. (a) 1 Beginning inventory Purchases 5 12 19 22 Explanation 25 Sales Purchases Sales Purchases Cost of goods sold $ Units Ending inventory $ 34 FIFO 24 (42) 43 (49) 35 45 Unit Cost/Price $299 304 467 309 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 519 314 $ $ Average Cost

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. (a) 1 Beginning inventory Purchases 5 12 19 22 Explanation 25 Sales Purchases Sales Purchases Cost of goods sold $ Units Ending inventory $ 34 FIFO 24 (42) 43 (49) 35 45 Unit Cost/Price $299 304 467 309 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 519 314 $ $ Average Cost

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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S Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 5 12 19 I 22 25 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Cost of goods sold $ Units 34 24 (42) 43 FIFO (49) 35 45 Unit Cost/Price $299 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 304 467 309 519 314 68 L Average Cost
Windsor's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Windsor's purchases of Xpert snowboards during September is shown below. During the same month, 303 Xpert snowboards were sold. Windsor's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases Purchases Purchases Totals Units Unit Cost Cost of goods sold 65 d Modi: 113 50 125 353.* $100 104 108 113 The ending inventory at September 30 $ Total Cost $6,500 11,752 5,400 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 14,125 $37,777 FIFO LIFO
Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Donna's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 28 $97 Purchases 101 103 (b) Purchases Purchases Totals Solution 45 20 50 Your Answer Correct Answer 143 * Your answer is incorrect. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 Cost of goods sold 104 The sum of ending inventory and cost of goods sold $ Total Cost $ 2,716 4,545 2,060 5,200 $14,521 $ FIFO 9321 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO 0 $ $ LIFO 11805 LIFO 0 Attempts: 1 of 1 used
Carla Vista Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Carla Vista Co's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Carla Vista Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 Unit Cost $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase. Mar. 17 Sale Mar 23 Purchase Mar. 31 Sale Units 29 74 124 1. FIFO 69 78 168 Ending Inventory Unit Cost $54 $ 59 5.64 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) $.64 Cost of Goods Sold
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 30 45 Cost of goods sold 20 50 145 Unit Cost The ending inventory at September 30 $96 100 102 103 $ Total Cost $ $2,880 4,500 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,040 5,150 $14,570 FIFO $ $ LIFO
Wildhorse sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse's purchases of WhiteOut snowboards during September. During the same month, 125 WhiteOut snowboards were sold at $165 each. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $99 Purchases Purchases Purchases Totals Ending Inventory $ Cost of Goods Sold $ eTextbook and Media Save for Later 23 45 26 53 147 106 FIFO 109 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 112 Total Cost $2,277 4,770 2,834 5,936 $15,817 $ GA LIFO Attempts: 0 of 2 used Submit Answer
Wildhorse sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Wildhorse's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 11 The ending inventory at September 30 Cost of goods sold 45 48 22 126 Unit Cost $102 105 106 107 Total Cost $1,122 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.) 4,725 5,088 2,354 $13,289 FIFO LIFO Average-cost
Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothy's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Units Unit Cost 29 Cost of goods sold 45 20 Your Answer Correct Answer (Used) 50 e Textbook and Media 144 $95 102 104 105 The ending inventory at September 30 $ Total Cost $ $ 2,755 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 4,590 2,080 5,250 $14,675 FIFO The sum of ending inventory and cost of goods sold $ 1,890 12,785 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ FIFO $ LIFO 1.710 12.965 LIFO
Tamarisk's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Tamarisk's purchases of Xpert snowboards during September is shown below. During the same month, 157 Xpert snowboards were sold. Tamarisk's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 34 $101 $ 3,434 Sept. 12 Purchases 59 105 6,195 Sept. 19 Purchases 26 109 2,834 Sept. 26 Purchases 65 114 7,410 Totals 184 $19,873 x Your answer is incorrect. Try again. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 8173 Cost of goods sold 12463 00
The inventory data for an item for November are: Nov. 1 Inventory 25 units at $23 4 Sold 9 units 10 Purchased 32 units at $21 17 Sold 18 units 30 Purchased 25 units at $25 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Da. $953 Ob. $1,255 Oc. $585 d. $617 All work saved. Used Car E Ford Blue Search Your Local Advantage
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018