ACC 205 Week 3 Exercise 4 Inventory valuation methods computations and concepts
Product Description
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Get Help Now!Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company began business on January 1 of the current year. Below are the transactions for the year
| 1/3: | Purchase 100 boards @$125 |
| 3/17: | Sold 50 boards @ $250 |
| 4/3: | Purchase 200 boards @$135 |
| 5/17: | Sold 75 boards @ $250 |
| 6/3: | Purchase 100 boards @$145 |
| 1/3: | Purchase 100 boards @$155 |
| 3/17: | Sold 300 boards @ $250 |
| 1/3: | Purchase 100 boards @$140 |
Wave Riders uses a perpetual inventory system.
Instructions
- Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
- First-in, first-out
- Last-in, first-out
- Weighted average
- Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation on the balance sheet?
(2) approximate the physical flow of a sand and gravel dealer?
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