Ruth's Boards sells a snowboard, Xpert, that is popular with snowbaard enthusiasts. Information relating to Ruth's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ruth's Boards sells a snowboard, Xpert, that is popular with snowbaard enthusiasts. Information relating to Ruth's purchases of Xpert snowboards during September is shown belaw. During the same manth, 120 Xpert snowboards were sold. Ruth's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 27 $2.592 Sept. 12 Purchases 45 101 4,545 Sept. 19 Purchases 20 103 2.060 Sept. 26 Purchases 50 104 5.200 Totals 142 $14,397 Instructions (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method? Ruth's Boards sells a snowboard, Xpert, that is popular with snowbaard enthusiasts. Information relating to Ruth's purchases of Xpert snowboards during September is shown belaw. During the same manth, 120 Xpert snowboards were sold. Ruth's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 27 $2.592 Sept. 12 Purchases 45 101 4,545 Sept. 19 Purchases 20 103 2.060 Sept. 26 Purchases 50 104 5.200 Totals 142 $14,397 Instructions (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?
Expert Answer:
Answer rating: 100% (QA)
Solution Given Data Date Particulars Quantity Rate Amount in Sep01 Opening 27 96 2592 ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Sherpers Boards sells a snowboard, Xpert that is popular with snowboard enthusiasts. Information relating to Sherpers purchases of Xpert snowboards during September is shown below. During the same...
-
Elsas Boards sells a snowboard, Xpert that is popular with snowboard enthusiasts. Information relating to Elsas purchases of Xpert snowboards during September is shown below. During the same month,...
-
Zhu Boards sells a snowboard, Xpert that is popular with snowboard enthusiasts. Information relating to Zhu's purchases of Xpert snowboards during September is shown on the next page. During the same...
-
The Wall Street Journal reported interest rates of 6 percent, 6.35 percent, 6.65 percent, and 6.75 percent for three-year, four-year, five-year, and six-year Treasury notes, respectively. According...
-
Lazy Day Donuts makes powdered donuts that are sold by the dozen. Each box of a dozen donuts requires pound of flour. The company began the year with 20,000 pounds of flour on hand, but would like...
-
According to new research, 26% of Americans are (almost) always online (bigthink.com, March 20, 2018). a. What is the probability that fewer than 60 of 200 Americans are always online? b. What is the...
-
Differentiate between a shaft and an axle?
-
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: A. Materials purchased on account, $225,750. B. Materials requisitioned, $217,600,...
-
1. Two crates with treasure, a small one with mass m=110kg and a large one with mass M=329kg are connected by a massless rope and are on a frozen lake which you may assume to be frictionless. A rope...
-
1. Relate the material in this case to the concept of the total retail experience. 2. What uncontrollable factors will affect a retailers ability to undertake the suggestions cited in the case? How...
-
Which of the following illustrates a positive feedback loop? O A thermostat maintaining a certain temperature in your house. O Insulin lowering blood glucose when sugar levels become too high. O...
-
Describe W. Edwards Demings PDCA model.
-
Describe three reasons individuals resist change and indicate what should be done to correct them.
-
Describe Kurt Lewins three-step change model.
-
List and describe the three most common types of organizational structure.
-
True or False. Decreases in AD normally lead to decreases in both output and the price level.
-
Employees recently elected a new Health and Safety Representative (HSR) and your HR Manager has asked you to ensure that the HSR is trained and ready to undertake the responsibilities of the role. As...
-
An Atomic Energy Commission nuclear facility was established in Hanford, Washington, in 1943. Over the years, a significant amount of strontium 90 and cesium 137 leaked into the Columbia River. In a...
-
Meyers Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $120,000, $300,000, and...
-
Using the information in P25-2A, compute the overhead controllable variance and the overhead volume variance. Costs and Production Data Actual Standard Raw materials unit cost $2.25 $2.10 Raw...
-
During the current month, Weller Corporation completed Job 310 and Job 312. Job 310 cost $60,000 and Job 312 cost $40,000. Job 312 was sold on account for $90,000. Journalize the entries for the...
-
What are a manager's resources?
-
What are the three levels of management?
-
Joe Maddon has been the manager of the Chicago Cubs since 2015. In his first year, he exceeded the expectations of most analysts and fans by leading the team to an appearance in the National League...
Study smarter with the SolutionInn App