Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating
Question:
Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.’s purchases of EZslide snowboards during September. During the same month, 108 EZslide snowboards were sold. Blue Spruce Corp. uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 11 | $116 | $ 1,276 | ||||
Sept. 12 | Purchases | 48 | 119 | 5,712 | ||||
Sept. 19 | Purchases | 60 | 120 | 7,200 | ||||
Sept. 26 | Purchases | 21 | 121 | 2,541 | ||||
Totals | 140 | $16,729 |
(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