Question

# Pharoah Company sells an ultra-lightweight snowboard that is considered to be one of the best on...

Pharoah Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah’s purchases and sales of the ultra-lightweight snowboard in October:
Date Transaction Units 25 \$302 30 309 (42) \$484 35 316 (45) 494 20 322

Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)

FIFO Weighted Average \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount

What would be the ending inventory and cost of goods sold if Pharoah used FIFO and weighted average in a periodic inventory system? (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.)

FIFO Weighted Average \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount \$enter a dollar amount

Total units= 25+30+35+20=110 units

Sold units=42+45=87 units

Units in ending inventory=110-87=23 units

FIFO:

Cost of goods sold:

=(25×\$302)+(30×\$309)+(32×\$316)

=\$26,932

Ending inventory:

=(20×\$322)+(3×\$316)

=\$7,388

Weighted average:

Total cost of good available for sale = (25×\$302) +(30×\$309) +(35×\$316) +(20×\$322)

=\$34,320

Weighted average cost per unit=\$34,320/110

=\$312.00

Cost of goods sold=87×\$312.00

=\$27,144.00

Ending inventory=23×\$312.00

=\$7,176.00

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