Business, 13.03.2020 22:05 joellundy

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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