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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text: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
5
12
19
22
Explanation
25
Purchases
Sales
Purchases
Sales
Purchases.
Cost of goods sold $
Ending inventory
Units
$
34
FIFO
24
(42)
43
(49)
35
45
Unit
Cost/Price
$299
304
467
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.)
309
519
314
$
$
Average Cost
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