Question: Find the ending inventory using the FIFO, LIFO, and average cost methods. Then find the Cost of Goods Sold for all of the above. Exercise
Exercise 6-04 Novak Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to September. During the same month, 107 EZslide snowboards were sold. Novak Corp. uses a periodic inventory system Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $117 $ 1,521 Sept. 12 Purchases 46 120 5,520 Sept. 19 Purchases 60 121 7,260 Sept. 26 Purchases 21 122 2,562 Totals 140 $16,863 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round averag final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round avera, final answers to o decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $ $ Click if you would like to Show Work for this question: Open Show Work
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