Exercise 6-15 Snow-Tech, Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during December: Unit Sales Price Unit Units Cost 33 $299 24 304 Date Explanation Dec. 1 Beginning inventory 6 Purchases 13 Sales 19 Purchases 22 Sale:s 25 Purchases (38) $492 44 309 (48) 503 34 314 49 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) FIFO Average Cost of goods sold s Ending inventory SHOW SOLUTION Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Snow-Tech uses a periodic inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.) FIFO Average Cost of goods sold s Ending inventory s