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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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