Exercise 6-15 (Part Level Submission) Powder, Inc. sells an Xpert snowboard that

Question

Exercise 6-15 (Part Level Submission) Powder, Inc. sells an Xpert snowboard that is popular with snowboards enthusiasts. The following information shows Powder's purchases and sales of Xpert snowboards during November: Unit Units Cost Unit Sales Price Date Transaction November 1 Beginning inventory 33 $298 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases 21 303 42 308 31 313 (39) $460 (46) 498 42 (a) Your answer is partially correct. Try again. Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Powder uses a perpetual inventory system. (Round answers to O decimal places, e.g. 5,275.) FIFO Average Cost of goods sold 25745 25993 Ending inventory 13091 12843

Explanation / Answer

Answer:-

Explanation:-

Average Cost Method Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance 1-Nov 33 298 33 298 9834 5-Nov 21 303 33 298 9834 21 303 6363 Average costs 54 299.94 16197 12-Nov 39 299.94 11697.66 15 299.94 4499.1 19-Nov 42 308 15 299.94 4499.1 42 308 12936 Average costs 57 305.88 17435.1 22-Nov 46 305.88 14070.48 11 305.88 3364.68 22-Nov 31 313 11 305.88 3364.68 31 313 9703 Average costs 42 311.14 13068 Totals 85 25768

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