Question: Current Attempt in Progress Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlocks beginning inventory and

Current Attempt in Progress

Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlocks beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Metlock uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1 Inventory

12

$81

$ 972

Sept. 12 Purchases

43

84

3,612

Sept. 19 Purchases

51

85

4,335

Sept. 26 Purchases

18

86

1,548

Totals

124

$10,467

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 0 decimal places, e.g. 5,125.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!