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:

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 Sales Price Unit Units Cost 33 299 20 306 Date Transaction November 1 Beginning inventory 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases (41) (48) 42 $480 44 307 483 34 312 (a) 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 0 decimal places, e.g. 5,275.) FIFO Average Cost of goods sold s Ending inventory

Explanation / Answer

FIFO Date Transaction Cost of goods sold Ending inventory unit per unit total unit per unit total unit per unit total 1-Nov Begniing 33 299 9867 5-Nov purchase 20 306 6120 33 299 9867 20 306 6120 12-Nov Sales 33 299 9867 8 306 2448 12 306 3672 19-Nov purchase 44 307 13508 12 306 3672 44 307 13508 22-Nov Sales 12 306 3672 36 307 11052 8 307 2456 25-Nov purchases 34 312 10608 8 307 2456 34 312 10608 total 27039 13064 Perpetual Date Transaction Cost of goods sold Ending inventory unit per unit total unit per unit total unit per unit total 1-Nov Begniing 33 299 9867 5-Nov purchase 20 306 6120 53 301.6415 15987 12-Nov Sales 41 301.6415 12367 12 301.6415 3620 19-Nov purchase 44 307 13508 56 305.8571 17128 22-Nov 48 305.8571 14681 8 305.8571 2447 25-Nov purchases 34 312 10608 42 310.8333 13055 total 27048 13055 FIFO Average Cost of goods sold 27,039 27,048 ending inventory 13,064 13,055

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