Oriole sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Oriole's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Oriole uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $114 $1,368 Sept. 12 Purchases 43 117 5,031 Sept. 19 Purchases 49 118 5,782 Sept. 26 Purchases 18 119 2,142 Totals 122 $14,323 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 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 24 %24 %24 $ %24 24 11974 Cost of goods sold

Oriole sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Oriole's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Oriole uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $114 $1,368 Sept. 12 Purchases 43 117 5,031 Sept. 19 Purchases 49 118 5,782 Sept. 26 Purchases 18 119 2,142 Totals 122 $14,323 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 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 24 %24 %24 $ %24 24 11974 Cost of goods sold

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the Weighted Average method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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Bhil Give me correct answer with explanation