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Category > Accounting Posted 22 May 2017 My Price 6.00

Exercise 6-4

Exercise 6-4

Your answer is incorrect. Try again.  Sandhill Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sandhill Co.’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Sandhill Co. uses a periodic inventory system.

 

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1Inventory11

$105

$ 1,155

Sept. 12Purchases44

108

4,752

Sept. 19Purchases54

109

5,886

Sept. 26Purchases20

110

2,200

Totals129

$13,993

 

 

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and 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 average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

 

FIFO

LIFO

AVERAGE-COST

Cost of goods sold$

$

$

Answers

SuperTutor
(15)
Status NEW Posted 22 May 2017 09:05 AM My Price 6.00

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