1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
exis [7]
3 years ago
8

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.
Business
1 answer:
galina1969 [7]3 years ago
4 0

Answer:

FIFO ending inventory at 30 September  :  $3101

LIFO ending inventory at  30  September $3016

Average-cost methods ending inventory at 30 September$ 3071.15

FIFO Cost OF Goods Sold    $ 11487

LIFO Cost OF Goods Sold    $ 11572

Average Cost Method Cost OF Goods Sold    $ 11516.85              

Explanation:

Working 1

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

$ 14588/133 units = $ 109.68 weighted average per unit

Sales       105 snowboards

FIFO ending inventory at 30 September  :  $3101

28  Snow boards in the ending inventory

21 from Sept. 26 Purchases at $111= $ 2331

7 from Sept. 19 Purchases at $ 110= $ 770

FIFO ending inventory at 30 September $ $3101

LIFO ending inventory at  30  September $3016

12 from 1 Sept.  Inventory  at $106 = $ 1272

16 from Sept. 12 Purchases at $109= $ 1744

Total Using LIFO= $ 3016

Average-cost methods ending inventory at 30 September$ 3071.15

28  Snow boards in the ending inventory at $ 109.68 weighted average per unit= $ 3071.15

Total Cost of 133 units available for Sale (from Working 1)  $14558

Less Ending Inventory FIFO   at 30 September  :  $3101

FIFO Cost OF Goods Sold    $ 11487            

Total Cost of 133 units available for Sale (from Working 1)  $14558

Less Ending Inventory LIFO   at 30 September  :  $3016

LIFO Cost OF Goods Sold    $ 11572

Total Cost of 133 units available for Sale (from Working 1)  $14558

Less Ending Inventory Average Cost Method  at 30 September  :  $3071.15

Average Cost Method Cost OF Goods Sold    $ 11516.85                        

You might be interested in
Consider the following cash flows on two mutually exclusive projects: YearProject AProject B0 –$61,000 –$76,000 1 41,000 40,000
solmaris [256]

Answer:

Following is given the solution for the question.

I hope it will help you a lot!

Explanation:

8 0
3 years ago
Understand payments involved with insurance. is a monthly payment is a payment to the policy is a payment to the doctor is a fix
irina [24]

Answer with Explanation:

The questions are related to "premiums" and "co-pays."

Insurance "premiums" are payments to the policy. This can be paid on a <em>monthly, semi-annual or annual basis.</em> So, this means it doesn't only cover monthly payments. This also means that a person who is availing of this will be charged according to the insurance policy.

"Co-pay" is a fixed payment for treatment. This means that the amount of money a person will pay is<em> "specified"</em> and is often given during the<u> time of service</u>. So, this is not only a payment to the doctor because<em> it can be charged once a patient visits a doctor or buys a prescription drug.</em>

So, this explains the answers.

6 0
3 years ago
Read 2 more answers
determine the operating cash flow​ (ocf) for​ kleczka, llc., based on the following data. during the year the firm had sales of
12345 [234]

The operating cash flow of kleczka llc. is: 474000

It is calculated as:

Sales                                                                                            2500000

Less: Cost of Goods Sold                                                          -1800000

Gross Profit                                                                                   700000

Less: Operating Expenses                                                          - 300000

Operating Income                                                                         400000        

Add: Depreciation                                                                          200000  

Operation Cash Flow                                                                     600000

Less Tax                   (600*21%)                                                       126000

Net Operating Cash Flow                                                               474000

Operating cash flow  or OCF is a measure of the amount of cash which is generated by a company's normal business operations.

To know more about operating cash flow here:

brainly.com/question/17001006

#SPJ4

8 0
1 year ago
The nutrition facts panel on a box of cereal shows that one serving of cereal provides 50% of the daily value for folate. in oth
Irina-Kira [14]
The answer is 200 micrograms of Folate

Floate is a natural form of Vitamin B9 which is an essential component for human function. It is found in various foods such as spinach and liver.

The daily recommended intake of Folate is 400 micrograms, while pregnant women are advised to take anywhere from 400-800 micrograms of Floate every day.

It has a melting point of 250<span>C and its chemical formula is C19H19N7O<span>6
</span></span>




8 0
2 years ago
Safety stock is inventory held to guard against uncertainty. True or False
eimsori [14]

Answer: True

Explanation:

Safety stock is a particular level of inventory set by the inventory/store manager that the inventory must not go below in order to help the company never to run out of products in their inventory. The aim of safety stock is to ensure that a company's inventory would never be empty and also so that any given point buyers can always purchase products from the company

3 0
3 years ago
Read 2 more answers
Other questions:
  • Blossom Company purchased a new machine on October 1, 2017, at a cost of $66,000. The company estimated that the machine has a s
    10·1 answer
  • For a new product to be profitable, it must Multiple Choice enable customers to obtain greater total utility from their money in
    9·1 answer
  • Which of the following statements most accurately describes the federal government and its employees?
    10·1 answer
  • Anna worked for over an hour trying to set up her new phone by going online to access the manual. She finally gave up and used t
    14·1 answer
  • Assume that Clampett, Inc., has $200,000 of sales, $150,000 of cost of goods sold, $60,000 of interest income, and $40,000 of di
    15·1 answer
  • A music teacher asked her students to set a really hard goal, such as increasing their practice time by 10 hours per week, which
    12·1 answer
  • In terms of innovation streams, what ____ occurred when customers purchased flat-screen computer monitors to replace the older,
    10·1 answer
  • ________________ products are customized and adapted to the culture, tastes and social trends of a country.
    14·1 answer
  • Is the sales manager a subordinate? explain why?
    9·1 answer
  • In a remote village, a person used five beaver pelts to buy a bag of rice and two beaver pelts to buy a pair of shoes. for what
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!