Homework Help is Here – Start Your Trial Now!
Business
Accounting
The sum of ending inventory and cost of goods sold HK$ HK$

The sum of ending inventory and cost of goods sold HK$ HK$

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
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.)
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
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
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost allocation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS