Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to
Question:
Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp.’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost |
Sept. 1 | Inventory | 12 | $91 | $ 1,092 |
Sept. 12 | Purchases | 45 | 94 | 4,230 |
Sept. 19 | Purchases | 54 | 95 | 5,130 |
Sept. 26 | Purchases | 22 | 96 | 2,112 |
Totals | 133 | $12,564 |
(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.)
(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.)
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso