Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month, 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12 Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49,350 Totals 120 HK$122,920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ 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, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The sum of ending inventory and cost of goods sold HKS HK$
Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month, 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12 Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49,350 Totals 120 HK$122,920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ 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, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The sum of ending inventory and cost of goods sold HKS HK$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of
Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a
periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
23
HK$970
HK$ 22,310
Sept. 12.
Purchases
37
1,020
37,740
Sept. 19
Purchases
13
1.040
13,520
Sept. 26
Purchases
47
1,050
49.350
Totals
120
HK$122.920
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125)
FIFO
Average-Cost
The ending inventory at September 30
HK$
HK$
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, eg. 15.125 and final answers to O decimal places, eg 125)
FIFO
Average-Cost
The sum of ending inventory and cost of goods sold
HKS
HKS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffee195af-6f1c-4149-a31b-2c5d598ab346%2Fdccf2b91-b50f-4e07-86f4-ef93140ba996%2Fqu5i2dg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of
Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a
periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
23
HK$970
HK$ 22,310
Sept. 12.
Purchases
37
1,020
37,740
Sept. 19
Purchases
13
1.040
13,520
Sept. 26
Purchases
47
1,050
49.350
Totals
120
HK$122.920
(a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit
cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125)
FIFO
Average-Cost
The ending inventory at September 30
HK$
HK$
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, eg. 15.125 and final answers to O decimal places, eg 125)
FIFO
Average-Cost
The sum of ending inventory and cost of goods sold
HKS
HKS
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