Question: Incorrect answer icon Your answer is incorrect. Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marins purchases

Incorrect answer icon

Your answer is incorrect.

Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marins purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Marin uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept.

1

Inventory

15

$106

$1,590

12

Purchase

45

108

4,860

19

Purchase

50

110

5,500

26

Purchase

20

111

2,220

Total

130

$14,170

Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

FIFO

LIFO

AVERAGE-COST

Ending inventory at September 30

$enter ending inventory using First In First Out at September 30 in dollars $enter ending inventory using Last In First Out at September 30 in dollars $enter ending inventory using average-cost at September 30 in dollars

Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.

FIFO

LIFO

AVERAGE-COST

Cost of goods sold $enter cost of goods sold using First In First Out in dollars $enter cost of goods sold using Last In First Out in dollars $enter cost of goods sold using average-cost in dollars

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!