Please do not give solution in image format thanku Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock'spurchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses aperiodic inventory system.DateSept. 1121926ExplanationInventoryPurchasePurchasePurchaseTotalEnding inventory at September30Units15Cost of goods sold455020130Unit Cost$112FIFO114116117Total CostFIFO$1,680Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.5.130$5,8002,340$14.950Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.LIFOLIFOAVERAGE-COSTAVERAGE-COST42

Lets understand the basics.inventory can be calculated using either,(1) FIFO(2) LIFO(3)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

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

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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