US weygandt, Accounting Principles, 12e PRIN OF ACCOUNTING (BTA 111/ Time: 05130

Question

US weygandt, Accounting Principles, 12e PRIN OF ACCOUNTING (BTA 111/ Time: 05130 PH/Remaining: 68 min BACK NEXT ES Exercise 6-4 Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases of Xpert snowboards during September is shown below. During the same month, 203 Xpert snowboards were sold. Elsa's uses a periodic inventory system. eck your & S Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory Sept. 12 Purchases Sept. 19 Purchases Sept. 26 Purchases 54105 $100 $4,400 7,828 3,638 8,820 $24,686 76 34 103 107 Totals 238 ur aca estion Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO LaGuarda The ending inventory at September 30 Cost of goods sold ardia.e For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold us FIFO LIFO The sum of ending inventory and cost of goods sold diaCC Question Attempts: 0 of 1 used SUBMET ANSWER diaCC

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Sep 44 100 4400 44 100 4400 Purchasse 12-Sep 76 103 7828 76 103 7828 19-Sep 34 107 3638 34 107 3638 26-Sep 84 105 8820 49 105 5145 35 105 3675 TOTAL 238 24686 35 21011 35 3675 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Sep 44 100 4400 9 100 900 35 100 3500 Purchasse 12-Sep 76 103 7828 76 103 7828 19-Sep 34 107 3638 34 107 3638 26-Sep 84 105 8820 84 105 8820 TOTAL 238 24686 203 21186 35 3500 FIFO LIFO Ending inventory 3675 3500 COGS 21011 21186 FIFO LIFO The sum of ending inventory and COGS 24686 24686

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