(b)For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.The sum of ending inventory and cost of goods sold$FIFO$LIFO Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases ofXpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia's uses aperiodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26(a)Explanation UnitsInventoryPurchasesPurchasesPurchasesTotals3045Cost of goods sold2050145Unit CostThe ending inventory at September 30$96100102103$Total Cost$$2,8804,500Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.2,0405,150$14,570FIFO$$LIFO

Name: (b)For both FIFO and LIFO, calculate the sum of ending inventory and
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: (b)For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.The sum of ending inventory and cost of goods sold$FIFO$LIFO Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information

There are many methods to show the inventory and cost of goods sold depending on the price and cost…

Business

Accounting

Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 30 45 20 50 145 Unit Cost $96 100 102 103 Total Cost $ 2,880 4,500 2,040 5,150 $14,570

Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 30 45 20 50 145 Unit Cost $96 100 102 103 Total Cost $ 2,880 4,500 2,040 5,150 $14,570

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Uramilaben
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
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…
Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12. Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49.350 Totals 120 HK$122.920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg 125) FIFO…
Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 7 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnember During the same month, 100 snowboards were sold REloses a periodic inventory system Dale Sept. 1 Sept. 12 Sept 19 Sept. 26 Explanation Unit Unit Cont Inventory 15 $110 Purchases 48 113 Purchases 33 114 Purchases 24 115 Totals 140 Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per 3 decimal places eg. 125.153 and final answers to 0 decimal places 125 Ending inventory at September 30 eTextbook and Media FIFO Your answer is incorrect Cost of goods sold 2775 FIFO $1.630 5,424 6042 3.760 $15.876 13654 LIFO Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average cost per unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 1253 1344 UFD ETDA AVERAGE-COST $ 3402 AVERAGE-COST 130825
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
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 119Xpertsnowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept 1 Inventory 25 $95 $2,375 Sept. 12 Purchases 45 100 4.500 Sept 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5.150 Totals 140 $14.065 (a) 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 Cost of goods sold
Do not use EXCEL to type answers please write out answers and give explanations.
Please answer competely and properly