Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 12 $106 $ 1,272
Sept. 12 Purchases 45 109 4,905
Sept. 19 Purchases 55 110 6,050
Sept. 26 Purchases 21 111 2,331
Totals 133 $14,558
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
Answers: 3
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Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is inf...
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