Question

1.Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.)

2.Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a periodic inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25.)

Mountain Country, Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during February: Unit Sales Price Unit Units Cost 33 $300 23 305 Date Explanation Feb. 1 Beginning inventory 8 Purchases 15 Sales 19 Purchases 22 Sales 25 Purchases (37) $490 43 310 (46) 501 35 315 51

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