Wildhorse Co. sells an ultra-lightweight snowboard that is considered to be one of the best on the
Question:
Wildhorse Co. sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Wildhorse’s purchases and sales of the ultra-lightweight snowboard in October:
Date | Transaction | Units | Unit Purchase Price | Unit Sales Price | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 1 | Beginning inventory | 25 | $297 | |||||||||
10 | Purchase | 30 | 303 | |||||||||
12 | Sale | (42) | $463 | |||||||||
13 | Purchase | 35 | 310 | |||||||||
25 | Sale | (45) | 473 | |||||||||
27 | Purchase | 20 | 318 |
Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Wildhorse uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)
FIFO | Weighted Average | |||
---|---|---|---|---|
Ending inventory | $enter a dollar amount | $enter a dollar amount | ||
Cost of goods sold | $enter a dollar amount | $enter a dollar amount |
What would be the ending inventory and cost of goods sold if Wildhorse used FIFO and weighted average in a periodic inventory system? (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)
FIFO | Weighted Average | |||
---|---|---|---|---|
Ending inventory | $enter a dollar amount | $enter a dollar amount | ||
Cost of goods sold | $enter a dollar amount | $enter a dollar amount |
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak