Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 22 67 117 62 64 154 1. FIFO 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do no round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $ 47 $ 52 $.57 $57 Cost of Goods Sold Ending Inventory

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 22 67 117 62 64 154 1. FIFO 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do no round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $ 47 $ 52 $.57 $57 Cost of Goods Sold Ending Inventory

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling
hockey stick. The hockey stick sells for $130.
Description
Mar. 1 Beginning Inventory
Mar. 3 Purchase
Mar. 6 Purchase
Mar. 17 Sale
Mar. 23 Purchase
Mar. 31 Sale
Units
22
67
117
62
64
154
1. FIFO
2. Moving weighted average
Required:
Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do no
round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)
Unit Cost
$ 47
$52
$.57
$57
Cost of Goods
Sold
Ending
Inventory

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Step 1: Define ending inventory;

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Step 2: FIFO:

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Step 3: Moving average:

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