Waterway Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to waterway corps purchases pf EZslide snowboards in September. During the same month, 108 EZslide snowboards were sold. Waterway Corp uses a periodic inventory system. date explanation units unit cost total cost 9/1 inventory 10 $110 $1,100 9/12 purchases 53 113 5989 9/19 purchases 54 114 9/26 purchases 23 115 totals 140 6156 2645 15890 1. Compute the ending inventory at September 30 using the FIFO, LIFO and average cost methods 2. Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods
Waterway Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to waterway corps purchases pf EZslide snowboards in September. During the same month, 108 EZslide snowboards were sold. Waterway Corp uses a periodic inventory system. date explanation units unit cost total cost 9/1 inventory 10 $110 $1,100 9/12 purchases 53 113 5989 9/19 purchases 54 114 9/26 purchases 23 115 totals 140 6156 2645 15890 1. Compute the ending inventory at September 30 using the FIFO, LIFO and average cost methods 2. Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishal
Transcribed Image Text:Waterway Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to waterway corps purchases pf EZslide snowboards in September. During the same month, 108 EZslide snowboards were sold.
Waterway Corp uses a periodic inventory system.
date explanation units unit cost total cost
9/1 inventory 10 $110
$1,100
9/12 purchases 53 113
9/19 purchases 54 114
9/26 purchases 23 115
totals
140
5989
6156
2645
15890
1. Compute the ending inventory at September 30 using the FIFO, LIFO and average cost methods
2. Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods
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