Margaret's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Margaret's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Date Units Unit Cost Total Cost Explanation Inventory Sept. 1 25 $50 $ 1.250 Sept. 12 Purchases 45 58 2,610 WS Sept. 19 Purchases 15 60 900 Sept. 26 Purchases 40 61 2.440 Totals 125 $7.200 Additional data regarding Margaret's sales of Xpert snowboards are provided below. Assume that Margaret's uses a perpetual inventory system Units Total Revenue Date Sept. 5 Unit Price $181 Sale 10 $ 1,810 Sept. 16 Sale 50 181 9,050 Sept. 29 Sale 60 213 12.780 Totals 120 $ 23,640 Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. Periodic Perpetual Ending Inventory FIFO $ 305 Ending Inventory LIFO $ $ 200
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: Zin AI - Your personal assistant for all your inquiries!
