Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to
Question:
Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Company’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 14 | $120 | $ 1,680 | ||||
Sept. 12 | Purchases | 52 | 123 | 6,396 | ||||
Sept. 19 | Purchases | 60 | 124 | 7,440 | ||||
Sept. 26 | Purchases | 24 | 125 | 3,000 | ||||
Totals | 150 | $18,516 |
(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 | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory at September 30 | $Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |
(b) Compute the cost of goods sold 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 | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Cost of goods sold | $Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso