Sheffield sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating...
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Sheffield sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheffield's purchases of WhiteOut snowboards during September. During the same month, 119 WhiteOut snowboards were sold at $169 each. Sheffield uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26. Explanation Units Unit Cost Inventory. $101 Purchases 107 Purchases Purchases Totals 24 41 23 52 140 110 111 Total Cost $2,424 4,387 2,530 5,772 $15,113. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Ending Inventory $ Cost of Goods Sold $ FIFO (2,331) 17,444 GA LIFO Sheffield sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Sheffield's purchases of WhiteOut snowboards during September. During the same month, 119 WhiteOut snowboards were sold at $169 each. Sheffield uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26. Explanation Units Unit Cost Inventory. $101 Purchases 107 Purchases Purchases Totals 24 41 23 52 140 110 111 Total Cost $2,424 4,387 2,530 5,772 $15,113. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. Ending Inventory $ Cost of Goods Sold $ FIFO (2,331) 17,444 GA LIFO
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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