# In the first months of operations, accounting homework help

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Hi there!Attached please find the complete solution. I have filled out the Word document, and attached also is an Excel spreadsheet containing all of the work required to arrive at those answers.Thanks again!Selenica

In its first month of operation, Sunland Company purchased 350 units of inventory for \$10,
then 450 units for \$11, and finally 390 units for \$12. At the end of the month, 430 units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

Phantom profit

\$

\$740 of phantom profit.

Novak Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is
information relating to Novak Corp.’s purchases of EZslide snowboards during September. During the
same month, 97 EZslide snowboards were sold. Novak Corp. uses a periodic inventory system.
Date
Sept.
Sept.
Sept.
Sept.

1
12
19
26

Explanation
Inventory
Purchases
Purchases
Purchases
Totals

Units
11
44
47
22
124

Unit Cost
\$97
100
101
102

Total Cost
\$ 1,067
4,400
4,747
2,244
\$12,458

(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
The ending inventory at Septemb...

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