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Sarasota Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases of Xpert snowboards during September is shown below. During the same month, 321 Xpert snowboards were sold. Sarasota's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 HK$986 1,041 Inventory 61 HK$ 60,146 Purchases 119 123,879 Purchases 53 1,067 56,551 Purchases 134,082 HK$374,658 117 1,146 Totals 350 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

Sarasota Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases of Xpert snowboards during September is shown below. During the same month, 321 Xpert snowboards were sold. Sarasota's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 HK$986 1,041 Inventory 61 HK$ 60,146 Purchases 119 123,879 Purchases 53 1,067 56,551 Purchases 134,082 HK$374,658 117 1,146 Totals 350 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

FINANCIAL ACCOUNTING
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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Sarasota Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases of Xpert snowboards during September is shown below. During the same month, 321 Xpert snowboards were sold. Sarasota's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 HK$986 1,041 Inventory 61 HK$ 60,146 Purchases 119 123,879 Purchases 53 1,067 56,551 Purchases 134,082 HK$374,658 117 1,146 Totals 350 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$
Transcribed Image Text:Sarasota Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases of Xpert snowboards during September is shown below. During the same month, 321 Xpert snowboards were sold. Sarasota's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 HK$986 1,041 Inventory 61 HK$ 60,146 Purchases 119 123,879 Purchases 53 1,067 56,551 Purchases 134,082 HK$374,658 117 1,146 Totals 350 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ 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, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$
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