Wildhorse Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best...
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Accounting
Wildhorse Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Wildhorse's purchases and sales of the ultra-lightweight snowboard in October: Assume that all of Wildhorse's sales are for cash and all of its purchases are on account. (a) Record the purchase on October 10 and sale on October 12 for Wildhorse Snowboards in a perpetual inventory system under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to 3 decimal places, e.s. 5.275 and final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries.)
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