Gradebook ORION Downloadable eTextbook gnment Novak\'s Boards sels a snowboard,
ID: 2550937 • Letter: G
Question
Gradebook ORION Downloadable eTextbook gnment Novak's Boards sels a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Novak's purchases of Xpert snowboards dunng September is shown below. During the same month, 151 Xpert snowboards were sold. Novak's uses a periodc inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory Sept. 12 Purchases Sept. 19Purchases 25 Sept. 26 Purchases63 1106,930 $100 $3,300 103 5,768 109 2,725 56 Totals 177 $18,723 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and IFO methods. LIFO The ending inventory at September 30 s Cost of goods sold for both FIFO and uro, calculate the sum of endng mentory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold Click if you would ike to Show Work for this question: Open Show Work acy Pobcy 1 2000 2018 Jobo Wley & 5on, All Rights Reserved. A Divison of John Wley &.SnsJcExplanation / Answer
Closing Stock (units) as on 30th Sept (same for LIFO & FIFO) -
As per FIFO (First In First Out) Method - Units which is purchased first will be sold first hence closing stock of 26 units will be remaining from last puchase of 63 units on Sep-26
*Rate on which stock purchased on Sep-26
**Cost of Goods Sold = Cost of opening Inventory + Cost of Purchases - Cost of Closing Stock
As per LIFO ( Last In First Out) Method - Units purchased last will be sold first hence closing stock of 26 units will be remaining from Opening Inventory of 33 units -
**Cost of Goods Sold = Cost of opening Inventory + Cost of Purchases - Cost of Closing Stock
Date Particulars Units Sep-01 Inventory 33 Sep-01 to Sep-30 Purchases (56+25+63) 144 Sep-01 to Sep-30 Sales 151 Sep-30 Closing Stock(Opening +Purchases - Sales) 26
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