Wildhorse sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Wildhorse's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 11 The ending inventory at September 30 Cost of goods sold 45 48 22 126 Unit Cost $102 105 106 107 Total Cost $1,122 4,725 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125) FIFO 5,088 2,354 $13,289 LIFO Average-cost

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
100%
Wildhorse sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Wildhorse's
purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Wildhorse uses a
periodic inventory system.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation Units
Inventory
Purchases
Purchases
Purchases
Totals
11
The ending inventory at
September 30
Cost of goods sold
45
48
22
126
Unit Cost
$102
105
106
107
Total Cost
$1,122
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per
unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
4,725
5,088
2,354
$13,289
FIFO
LIFO
Average-cost
Transcribed Image Text:Wildhorse sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Wildhorse's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Wildhorse uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Inventory Purchases Purchases Purchases Totals 11 The ending inventory at September 30 Cost of goods sold 45 48 22 126 Unit Cost $102 105 106 107 Total Cost $1,122 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) 4,725 5,088 2,354 $13,289 FIFO LIFO Average-cost
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education