The sum of ending inventory and cost of goods sold HK$ HK$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A6
![Crane Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert
snowboards during September is shown below. During the same month, 80 Xpert snowboards were sold. Crane's uses a periodic
inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Unit Cost
10 HK$970
30
1,020
10
1,040
1,050
Totals
50
100
Total Cost
HK$ 9,700
30,600
10,400
52,500
HK$103,200
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffcf754c5-bfd0-48d0-a497-56bcc4ed0e05%2Faccdc54c-4f08-4528-99de-3b857360ba8c%2Fa52nsmo_processed.png&w=3840&q=75)
Transcribed Image Text:Crane Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Crane's purchases of Xpert
snowboards during September is shown below. During the same month, 80 Xpert snowboards were sold. Crane's uses a periodic
inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Unit Cost
10 HK$970
30
1,020
10
1,040
1,050
Totals
50
100
Total Cost
HK$ 9,700
30,600
10,400
52,500
HK$103,200
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)
![(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)
The ending inventory at September 30
Cost of goods sold
HK$
HK$
FIFO
The sum of ending inventory and cost of goods sold
HK$
HK$
(b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal
places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)
FIFO
HK$
Average-Cost
HK$
Average-Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffcf754c5-bfd0-48d0-a497-56bcc4ed0e05%2Faccdc54c-4f08-4528-99de-3b857360ba8c%2F73b43d7_processed.png&w=3840&q=75)
Transcribed Image Text:(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)
The ending inventory at September 30
Cost of goods sold
HK$
HK$
FIFO
The sum of ending inventory and cost of goods sold
HK$
HK$
(b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal
places, e.g. 15.125 and final answers to O decimal places, e.g. 125.)
FIFO
HK$
Average-Cost
HK$
Average-Cost
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