Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses a periodic inventory system. Date Sept. 1 12 19 26 Explanation Inventory Purchase Purchase Purchase Total Units Unit Cost Ending inventory at September 30 15 45 50 20 130 $90 $ 92 94 95 Total Cost FIFO $1,350 4,140 4,700 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. 1,900 $12,090 $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. $ AVERAGE-COST

Shamrock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Shamrock uses a periodic inventory system. Date Sept. 1 12 19 26 Explanation Inventory Purchase Purchase Purchase Total Units Unit Cost Ending inventory at September 30 15 45 50 20 130 $90 $ 92 94 95 Total Cost FIFO $1,350 4,140 4,700 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. 1,900 $12,090 $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. $ AVERAGE-COST

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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