Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporations purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
12
$ 105
$ 1,260
Sept. 12
Purchases
46
108
4,968
Sept. 19
Purchases
49
109
5,341
Sept. 26
Purchases
25
110
2,750
Totals
132
$ 14,319
Additional data regarding the companys sales of EZslide snowboards are provided below. Assume that Indigo Corporation uses a perpetual inventory system.
Date
Units
Sept. 5
Sale
8
Sept. 16
Sale
49
Sept. 29
Sale
45
Totals
102
(a)
Your Answer
Correct Answer
Partially correct answer icon
Your answer is partially correct.
Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)
September 1
$ enter a dollar amount
September 5
$ enter a dollar amount
September 12
$ enter a dollar amount
September 16
$ enter a dollar amount
September 19
$ enter a dollar amount
September 26
$ enter a dollar amount
September 29
$ enter a dollar amount
eTextbook and Media
Attempts: 8 of 8 used
Question Part Score
1.2/1.4
(b)
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.)
FIFO
LIFO
AVERAGE-COST
The ending inventory
$ enter a dollar amount
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!