Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1 Inventory
13
$104
$ 1,352
Sept. 12 Purchases
46
107
4,922
Sept. 19 Purchases
54
108
5,832
Sept. 26 Purchases
21
109
2,289
Totals
134
$14,395
(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, e. g. 125.153 and final answers to 0 decimal places, e. g. 125.)
FIFO
LIFO
AVERAGE-COST
The ending inventory at September 30 $
Entry field with incorrect answer
$
Entry field with incorrect answer now contains modified data
$
Entry field with incorrect answer
(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, e. g. 125.153 and final answers to 0 decimal places, e. g. 125.)
FIFO
LIFO
AVERAGE-COST
Cost of goods sold $
Entry field with incorrect answer
$
Entry field with incorrect answer
$
Entry field with incorrect answer now contains modified data
Answers: 2
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Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is inf...
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