This continues our accounting for Aqua Elite Inc As stated
This continues our accounting for Aqua Elite, Inc. As stated in the continuing problem in Chapter 5, Aqua Elite, Inc. began selling pools and spas in August. For this problem, we will focus on the purchase and sales of spas during the month of September. The purchases and sales of spa inventory for the month of September are as follows:
Requirements
1. Assuming that Aqua Elite, Inc. uses the FIFO inventory cost flow assumption, what is the September 30 ending spa inventory balance and September cost of goods sold for spas?
2. Assuming that Aqua Elite, Inc. uses the average cost inventory cost flow assumption, what is the September 30 ending spa inventory balance and September cost of goods sold for spas?
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