Compute the ending inventory at September

Assignment Help Financial Accounting
Reference no: EM132754809

Question - Michelle's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Michelle's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Michelle's uses a periodic inventory system.

Date Explanation Units Unit Cost Total Cost

Sept. 1 Inventory 26 $97 $2,522

Sept. 12 Purchases 45 102 4,590

Sept. 19 Purchases 20 104 2,080

Sept. 26 Purchases 50 105 5,250

Totals 141 $14,442

Required - Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.

Reference no: EM132754809

Questions Cloud

Why is diversity important in the world : Why is diversity important in the world? What are the benefits?
What are the relevant cash flows for valuing artforever : What are the relevant cash flows for valuing Artforever.com? Assume that your valuation is performed at the end of 2017, and that the values shown
Explain possible substitutes for leadership : Discuss and explain TWO possible substitutes for leadership. Provide an example for each substitute that you choose and Identify and discuss TWO conditions
How you indicate the degree of importance of the requirement : Consider an automated teller machine (ATM) in which users provide a personal identification number (PIN) and a card for account access.
Compute the ending inventory at September : Michelle's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Compute the ending inventory at September
What is the name of the two accounts that would be credited : What is the name of the two accounts that would be credited and at what amounts for each? The journal entry on January 1, 2018 to borrow the money
Framework for the self concept of carl rogers : What is the theoretical framework for the self concept of carl rogers, please include the citations.
Compute the ending inventory at May : Lily Co. uses a periodic inventory system. Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods
Explain the theory of personality of freud : Explain the theory of personality of Freud. Please explain it substantially in your own words.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd