Question

edugen.wileyplus.com Exercise 6-16 (Part Level Submission) Ivanhoe's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Ivanhoe's purchases of Xpert snowboards during September is shown below. During the same month, 321 Xpert snowboards were sold. Ivanhoe's uses a perpetual inventory system. PRINT xe Explanation UnitsUnit Cost Total Cost Xper ept Sept. 1 Sept. 12 t Sept. 19 ep Sept. 26 Inventory 61 HK$980 HK$ 59,780 119 Purchases 123,760 1,040 1,090 53 57,770 Purchases 133,380 HK$374,690 Purchases117 1,140 350 Totals ep Unit Price Total Cost Units HK$60,800 252,700 Sept. 5 HK$1,900 1,900 32 Sale Sale Sept. 16 133 2,050319,800 HK$633,300 156 Sept. 29 Sale 321 Totals Compute ending inventory at September 30 using FIFO and moving-average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) 5.25 a The ending inventory HK$ HK$ Attempts: O of 2 used

Answer 1

FIFO:
Date	Purchases			Sales			Balance
	Units	PU	Total Cost	Units	PU	Total Cost	Units	PU	Total Cost
Open Inventory							61	980	59780
05-Sep				32	980	31360	29	980.00	28420
12-Sep	119	1040	123760				29	980	28420
							119	1040	123760
16-Sep				29	980	28420	15	1,040.00	15,600
				104	1,040	108160
19-Sep	53	1090	57770				15	1040	15600
							53	1090	57770
26-Sep	117	1140	133380				15	1040	15600
							53	1090	57770
							117	1140	133380
29-Sep				15	1,040	15,600	29	1140	33060
				53	1090	57,770
				88	1,140	100,320
Total	350		374690	321		341,630	29		33,060
Moving Average:
Date	Purchases			Sales			Balance
	Units	PU	Total Cost	Units	PU	Total Cost	Units	PU	Total Cost
Open Inventory							61	980	59780
05-Sep				32	980	31360	29	980.00	28420
12-Sep	119	1040	123760				148	1028.2	152180.0
16-Sep				133	1028.24	136756.4	15	1028.2	15423.6
19-Sep	53	1090	57770				68	1076.4	73193.6
26-Sep	117	1140	133380				185	1116.6	206573.6
29-Sep				156	1,117	174,192	29	1116.6	32381.8
Total	350		374690	321		342,308	29		32,382