Please do not give solution in image format thanku Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to SarasotaCorp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. SarasotaCorp. uses a periodic inventory system.DateSept. 1Sept. 12Sept. 19Sept. 26Explanation UnitsInventoryPurchasesPurchasesPurchasesTotalsThe ending inventory atSeptember 3015Cost of goods sold47$5222136Unit CostFIFO$105$108109110Total Cost(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)$ 1,5755,076FIFO5,668$14,7392,420$(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.)$LIFOLIFO$$AVERAGE-COSTAVERAGE-COST

There are different types of methods to value the inventory. Among them, different types of entities…

Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases 108 Purchases Purchases Totals The ending inventory at September 30 15 47 Cost of goods sold 52 22 136 109 $ FIFO 110 Total Cost (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 O decimal places, e.g. 125.) $1,575 5,076 5,668 2,420 $14,739 FIFO $ LIFO LIFO (b) Compute the cost of goods sold 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 O decimal places, e.g. 125.) $ $ AVERAGE-COST AVERAGE-COST

Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $105 Purchases 108 Purchases Purchases Totals The ending inventory at September 30 15 47 Cost of goods sold 52 22 136 109 $ FIFO 110 Total Cost (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 O decimal places, e.g. 125.) $1,575 5,076 5,668 2,420 $14,739 FIFO $ LIFO LIFO (b) Compute the cost of goods sold 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 O decimal places, e.g. 125.) $ $ AVERAGE-COST AVERAGE-COST

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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