Question

In: Accounting

Bridgeport’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Bridgeport’s...

Bridgeport’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Bridgeport’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 224 Xpert snowboards were sold. Additional data regarding Bridgeport’s sales of Xpert snowboards are provided below. Assume that Bridgeport’s uses a perpetual inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

48

$98

$ 4,704

Sept. 12

Purchases

83

104

8,632

Sept. 19

Purchases

37

107

3,959

Sept. 26

Purchases

93

114

10,602

   Totals

261

$27,897

Date

Units

Unit Price

Total Revenue

Sept. 5

Sale

22

$199

$4,378

Sept. 16

Sale

93

199

18,507

Sept. 29

Sale

109

209

22,781

      Totals

224

$45,666

1. How do you calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29. (Round answers to 2 decimal places, e.g. 1.25.)

2. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,250.)

FIFO LIFO Moving Average

Ending Inventory

3. Compute ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system?

Periodic Perpetual

Ending Inventory FIFO

Ending Inventory LIFO

Solutions

Expert Solution


Related Solutions

Elsa’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa’s...
Elsa’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Elsa’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 Instructions (a) Compute the ending...
Riverbed’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed’s...
Riverbed’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 273 Xpert snowboards were sold. Additional data regarding Riverbed’s sales of Xpert snowboards are provided below. Assume that Riverbed’s uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 59 $99 $ 5,841 Sept. 12 Purchases 101 103 10,403 Sept. 19 Purchases 45 107...
Flint’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Flint’s...
Flint’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Flint’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 205 Xpert snowboards were sold. Additional data regarding Flint’s sales of Xpert snowboards are provided below. Assume that Flint’s uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 44 $98 $ 4,312 Sept. 12 Purchases 77 103 7,931 Sept. 19 Purchases 34 107...
Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s...
Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s purchases of Xpert snowboards during September is shown below. During the same month, 206 Xpert snowboards were sold. Linda’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 44 $99 $ 4,356 Sept. 12 Purchases 77 105 8,085 Sept. 19 Purchases 34 106 3,604 Sept. 26 Purchases 85 111 9,435 Totals 240 $25,480 Collapse question part (a) Incorrect...
Ayayai’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Ayayai’s...
Ayayai’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Ayayai’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 242 Xpert snowboards were sold. Additional data regarding Ayayai’s sales of Xpert snowboards are provided below. Assume that Ayayai’s uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 52 $100 $ 5,200 Sept. 12 Purchases 90 105 9,450 Sept. 19 Purchases 40 108...
Pina Colada’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to...
Pina Colada’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Pina Colada’s purchases of Xpert snowboards during September is shown below. During the same month, 218 Xpert snowboards were sold. Pina Colada’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 47 $101 $ 4,747 Sept. 12 Purchases 81 103 8,343 Sept. 19 Purchases 36 107 3,852 Sept. 26 Purchases 90 112 10,080    Totals 254 $27,022 Compute the...
Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s...
Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s purchases of Xpert snowboards during September is shown below. During the same month, 351 Xpert snowboards were sold. Linda’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 75 $101 $ 7,575 Sept. 12 Purchases 131 103 13,493 Sept. 19 Purchases 58 108 6,264 Sept. 26 Purchases 145 110 15,950    Totals 409 $43,282 Compute the ending inventory at...
Exercise 6-4 Elsa’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating...
Exercise 6-4 Elsa’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa’s purchases of Xpert snowboards during September is shown below. During the same month, 317 Xpert snowboards were sold. Elsa’s uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 68 $99 $ 6,732 Sept. 12 Purchases 118 103 12,154 Sept. 19 Purchases 52 109 5,668 Sept. 26 Purchases 131 105 13,755 Totals 369 $38,309 Compute the ending...
Beachpoint sells a snowboard Xpert that is popular with surfing enthusiasts. Below is information relating to...
Beachpoint sells a snowboard Xpert that is popular with surfing enthusiasts. Below is information relating to Beachpoint's purchases and sales of Xpert snowboards during September. Beachpoint uses a perpetual inventory system. Beginning inventory and purchases are as follows: 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 Sales...
Pharoah sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating...
Pharoah sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Pharoah’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Pharoah uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $91 $ 1,183 Sept. 12 Purchases 47 94 4,418 Sept. 19 Purchases 52 95 4,940 Sept. 26 Purchases 19 96 1,824    Totals 131 $12,365 Compute the ending inventory at September...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT