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January 13, 2021can you do a summary about an interview I made only 2 pages , Thanks
January 13, 2021Class Question
Exercise 6-4
Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp.’s purchases of EZslide snowboards during September. During the same month, 98 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system.
| Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
|---|---|---|---|---|---|---|---|---|
|
Sept. 1 |
Inventory |
13 |
$101 |
$ 1,313 |
||||
|
Sept. 12 |
Purchases |
46 |
104 |
4,784 |
||||
|
Sept. 19 |
Purchases |
51 |
105 |
5,355 |
||||
|
Sept. 26 |
Purchases |
21 |
106 |
2,226 |
||||
|
Totals |
131 |
$13,678 |
(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 |
$
|
$
|
$
|
(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 |
$
|
$
|
$
|