Shamrock, Inc. sells the EZslide, a snowboard popular with snowboard enthusiasts. Below is information regarding Shamrock, Inc.'s
Question:
Shamrock, Inc. sells the EZslide, a snowboard popular with snowboard enthusiasts. Below is information regarding Shamrock, Inc.'s EZslide snowboard purchases in September. In the same month, 103 EZslide snowboards were sold. Shamrock, Inc. uses a periodic inventory system.
Date Description Units Unit Cost Total Cost
September 1 Inventory 10 $111 $1,110
September 12 Purchases 56 114 6,384
September 19 Purchases 60 115 6900
September 26 Purchases 24 116 2,784
Total 150 $17.178
Required
a)Calculate ending Inventory at September 30
b) Calculate the cost of goods sold on September 30 using the FIFO, LIFO, and average cost methods.
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso