Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i dont know if i'm doing this right. need help, th

i dont know if I'm doing this right. need help, thanks! ...

60.1K

Verified Solution

Question

Accounting

i dont know if I'm doing this right. need help, thanks!
image
Shamrock, Inc sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Shamrock Inc's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Shamrock, Inc. uses a periodic inventory system Date Units Unit Cost Total Cost Explanation Inventory Sept 1 10 $111 $ 1.110 Sept. 12 Purchases 56 114 6,384 Sept. 19 Purchases 60 115 6,900 Sept. 26 Purchases 24 116 2.784 Totals 150 $17.178 (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, s. 125.153 and final answers to decimal places, eg 125.) FIFO LIFO AVERAGE COST The ending inventory at September 30 $ 5.429 5 5.325 5.382 (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, es. 125.153 and final answers to decimal places, es 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students