Pharoah Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah's purchases and sales of the ultra-lightweight snowboard in October: Date Oct. 1 10 2322 12 13 25 Transaction Beginning inventory Purchase Sale Purchase Sale 27 Purchase Units 25 30 (42) 35 (45) 20 Unit Purchase Price $302 309 316 322 Unit Sales Price $484 494

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question
(b)
What would be the ending inventory and cost of goods sold if Pharoah used FIFO and weighted average in a periodic inventory
system? (Round the weighted average cost per unit and final answers to 2 decimal places, eg. 5,265.25.)
Ending inventory
Cost of goods sold
Save for Later
Question Part Score
$
$
FIFO
Weighted Average
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18
Transcribed Image Text:(b) What would be the ending inventory and cost of goods sold if Pharoah used FIFO and weighted average in a periodic inventory system? (Round the weighted average cost per unit and final answers to 2 decimal places, eg. 5,265.25.) Ending inventory Cost of goods sold Save for Later Question Part Score $ $ FIFO Weighted Average Attempts: 0 of 1 used Submit Answer 18
Current Attempt in Progress
Pharoah Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows
for Pharoah's purchases and sales of the ultra-lightweight snowboard in October:
Date
Oct. 1
10
(a)
25
Transaction
27
Beginning inventory
Purchase
12
13 Purchase
Sale
Sale
Purchase
Ending inventory
Cost of goods sold
Save for Latur
$
Units Unit Purchase Price
$
25
30
(42)
35
(45)
20
$302
309
Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual
inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)
Weighted Average
FIFO
316
322
$
Unit Sales Price
$
$484
494
Attempts: 0 of 1 used
Submit Answer
Transcribed Image Text:Current Attempt in Progress Pharoah Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah's purchases and sales of the ultra-lightweight snowboard in October: Date Oct. 1 10 (a) 25 Transaction 27 Beginning inventory Purchase 12 13 Purchase Sale Sale Purchase Ending inventory Cost of goods sold Save for Latur $ Units Unit Purchase Price $ 25 30 (42) 35 (45) 20 $302 309 Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.) Weighted Average FIFO 316 322 $ Unit Sales Price $ $484 494 Attempts: 0 of 1 used Submit Answer
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