Question: Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system L02 eXcel Sport Box sells a wide variety of sporting equipment. The following is information on the

 Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system L02 eXcel Sport

Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system L02 eXcel Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $125. Description Units Unit Cost Mar. 1 Beginning Inventory $40 15 Purchase Mar. 3 $45 60 Mar. 6 Purchase 110 $50 Sale Mar. 17 55 Mar. 23 Purchase $50 50 Mar. 31 Sale 140 Required Calculate the cost of goods sold and ending inventory under the perpetual inventory system using a. FIFO b. Moving weighted average. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)

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!