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Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse.Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 106 110 112 Purchases Purchases Purchases Totals 21 37 20 41 119 Total Cost $2,100 3,922 2,200 4,592 $12,814

Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse.Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 106 110 112 Purchases Purchases Purchases Totals 21 37 20 41 119 Total Cost $2,100 3,922 2,200 4,592 $12,814

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, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept 26 (a) Explanation Units Unit Cost Inventory $100 Purchases Purchases Purchases Totals Ending inventory Cost of goods sold 21 $ 37 20 41 119 106 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO 110. 112 Total Cost $2,100 3,922 2,200 4,592 2.240 $12,814 $ $ LIFO
Transcribed Image Text:Wildhorse Co. sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse Co.'s purchases of WhiteOut snowboards during September. During the same month, 99 WhiteOut snowboards were sold at $170 each. Wildhorse Co. uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept 26 (a) Explanation Units Unit Cost Inventory $100 Purchases Purchases Purchases Totals Ending inventory Cost of goods sold 21 $ 37 20 41 119 106 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO 110. 112 Total Cost $2,100 3,922 2,200 4,592 2.240 $12,814 $ $ LIFO
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