Refer to the data provided for Powder, Inc. in E6-15.

In E6-15

Powder, Inc. sells an Xpert snowboard that is popular with snowboard enthusiasts. The following information shows Powder's purchases and sales of Xpert snowboards during November:

Instructions
(a) Prepare journal entries to record purchases and sales for Powder in a perpetual inventory system using
(1) FIFO and
(2) Average cost.
(b) Prepare journal entries to record purchases and sales for Powder in a periodic inventory system using
(1) FIFO and
(2) Average cost.

Transcribed Image Text:

Date Transaction Units Unit Cos Unit Sales Price Nov. 1 Beginning inventory 30 25 (42) 40 (50) 30 $295 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases 300 305 310 $460 470