Wildhorse Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Wildhorse Cos purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Wildhorse Co. uses periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Cost of goods sold 15 - 49 51 25 140 Unit Cost $110 FIFO 113 114 115 Total Cost $1,650 5,537 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, eg. 125.) FIFO 5,814 2,875 $15,876 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) LIFO LIFO AVERAGE-COST AVERAGE-COST
Wildhorse Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Wildhorse Cos purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Wildhorse Co. uses periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Units Cost of goods sold 15 - 49 51 25 140 Unit Cost $110 FIFO 113 114 115 Total Cost $1,650 5,537 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, eg. 125.) FIFO 5,814 2,875 $15,876 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) LIFO LIFO AVERAGE-COST AVERAGE-COST
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku

Transcribed Image Text:Wildhorse Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Wildhorse Co's
purchases of Ezslide snowboards during September. During the same month, 107 Ezslide snowboards were sold. Wildhorse Co. uses a
periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
The ending inventory at
September 30
15
49
Cost of goods sold
51
25
140
Unit Cost
$110
FIFO
113
114
115.
Total Cost
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3
decimal places, e.g. 125,153 and final answers to 0 decimal places, e.g. 125.)
FIFO
$1,650
5,537
5,814
2,875
$15,876
LIFO
(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3
decimal places, e.g. 125.153 and final answers to 0 decimal places, eg. 125.)
LIFO
$
AVERAGE-COST
AVERAGE-COST
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