Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sweet Acacia Corp.'s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Sweet Acacia Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 45 113 5,085 Sept. 19 Purchases 57 114 6,498 Sept. 26 Purchases 24 115 2,760 Totals 140 $15,883

Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sweet Acacia Corp.'s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Sweet Acacia Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 45 113 5,085 Sept. 19 Purchases 57 114 6,498 Sept. 26 Purchases 24 115 2,760 Totals 140 $15,883

Name: FOR SEPTEMBER 30 GIVE ME:Ending inventory for average-costCost of good
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Description: FOR SEPTEMBER 30 GIVE ME:Ending inventory for average-costCost of goods sold for LIFO and Average-cost Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sweet Acacia Corp.'s pu

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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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

FOR SEPTEMBER 30 GIVE ME:

Ending inventory for average-cost

Cost of goods sold for LIFO and Average-cost

Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sweet Acacia Corp.'s purchases of EZslide snowboards during September. During the same month, 104 EZslide
snowboards were sold. Sweet Acacia Corp. uses a periodic inventory system.
Total Cost
$ 1,540
Date
Explanation
Units
Unit Cost
Sept. 1
Inventory
14
$110
Sept. 12
Purchases
45
113
5,085
Sept. 19
Purchases
57
114
6,498
Sept. 26
Purchases
115
2,760
Totals
140
$15,883

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