Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the same month, 118 Xpert snowboards were sold. Snoslope uses a periodic inventory system.

Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 78 $100 $7,800

Sept. 12 Purchases 135 $103 $13,905
Sept. 19 Purchases 60 $106 $6,360

Sept. 26 Purchases 150 $111 $16,650
Total 423 $44,715

(a) Compute the ending inventory at September 30 using the FIFO and LIFO methods.

FIFO Ending Inventory$
LIFO Ending Inventory$

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.

FIFO COGS $
LIFO COGS $

FIFO COGS + Ending Inventory$
LIFO COGS + Ending Inventory$

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9965643

Have any Question?


Related Questions in Accounting Basics

Question - the following information relates to nebula

Question - The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 40,000 Sales Discounts 20,000 Sales Returns and Allowances 7,000 C ...

Question - douglas bonds mature in 10 years and have an

Question - Douglas bonds mature in 10 years and have an annual coupon rate of 10.5 percent with semiannual payments. The $1,000 par value bond currently trades at $1,105 in the market. Compute the annual yield to maturit ...

Question - in november 2018 the brunswick company signed

Question - In November 2018, the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to purchase 11,000 units of inventory at $8 per unit by December 15, 2018. The second commitment ...

Assignment 1 organization forms and taxationthere are

Assignment 1: Organization Forms and Taxation There are several forms of business organizations. The Internal Revenue Code (IRC) taxes different forms in different ways. The tax implications can sometimes be important en ...

Question - bubbles cos reported 2018 beginning inventory of

Question - Bubbles Co's reported 2018 beginning inventory of $1,800,000, purchases of $9,000,000, and sales of $11,400,000. A physical inventory count at 12/31/2018 reported ending inventory of $2,100,000. Bubbles' gross ...

Question task 1 on dec 31 2015 paula peter and phil started

Question: Task 1: On Dec 31, 2015 Paula, Peter and Phil started the 3p.com company. The idea is to buy a newly developed easily useable heart monitor device and resell it to elderly private patients. The device is called ...

Question - gemmex inc is a consulting company that

Question - Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations. July 1: Issued common sh ...

Question - how would the firm determine the cost

Question - How would the firm determine the cost effectiveness of purchasing the long term assets used by the firm over an extended period of time?

Question - you would like to purchase a car with a list

Question - You would like to purchase a car with a list price of $30,000, and the dealer offers financing over a five-year period at 8%. If you decide to trade in your current car to help reduce the amount of financing r ...

Question - bridgeport company had ending inventory at

Question - Bridgeport Company had ending inventory at end-of-year cost of $106,800 at December 31, 2016; $132,696 at December 31, 2017; and $145,140 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As