Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses a periodic inventory system. Date Sept. 1 12 19 26 Explanation Units Unit Cost Inventory $112 Purchase Purchase Purchase Total Ending inventory at September 30 15 -45 50 Cost of goods sold 20 130 114 116 FIFO 117 Total Cost FIFO $1,680 5,130 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. 5,800 2,340 $14,950 Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. LIFO LIFO $ AVERAGE-COST AVERAGE-COST
Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses a periodic inventory system. Date Sept. 1 12 19 26 Explanation Units Unit Cost Inventory $112 Purchase Purchase Purchase Total Ending inventory at September 30 15 -45 50 Cost of goods sold 20 130 114 116 FIFO 117 Total Cost FIFO $1,680 5,130 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. 5,800 2,340 $14,950 Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. LIFO LIFO $ AVERAGE-COST AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock's
purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses a
periodic inventory system.
Date
Sept. 1
12
19
26
Explanation
Inventory
Purchase
Purchase
Purchase
Total
Ending inventory at September
30
Units
15
Cost of goods sold
45
50
20
130
Unit Cost
$112
FIFO
114
116
117
Total Cost
FIFO
$1,680
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
5.130
$
5,800
2,340
$14.950
Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
LIFO
LIFO
AVERAGE-COST
AVERAGE-COST
42
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