Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1 Inventory
13
$104
$ 1,352
Sept. 12 Purchases
46
107
4,922
Sept. 19 Purchases
54
108
5,832
Sept. 26 Purchases
21
109
2,289
Totals
134
$14,395
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e. g. 125.153 and final answers to 0 decimal places, e. g. 125.)
FIFO
LIFO
AVERAGE-COST
The ending inventory at September 30 $
Entry field with incorrect answer
$
Entry field with incorrect answer now contains modified data
$
Entry field with incorrect answer
(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e. g. 125.153 and final answers to 0 decimal places, e. g. 125.)
FIFO
LIFO
AVERAGE-COST
Cost of goods sold $
Entry field with incorrect answer
$
Entry field with incorrect answer
$
Entry field with incorrect answer now contains modified data
Answers: 2
Business, 22.06.2019 04:30
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Business, 22.06.2019 07:30
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Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?
Answers: 1
Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is inf...
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