Question: Incorrect answer icon Your answer is incorrect. Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marins purchases
Incorrect answer icon
Your answer is incorrect.
Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marins purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Marin uses a periodic inventory system.
| Date | Explanation | Units | Unit Cost | Total Cost | |||||
|---|---|---|---|---|---|---|---|---|---|
| Sept. | 1 | Inventory | 15 | $106 | $1,590 | ||||
| 12 | Purchase | 45 | 108 | 4,860 | |||||
| 19 | Purchase | 50 | 110 | 5,500 | |||||
| 26 | Purchase | 20 | 111 | 2,220 | |||||
| Total | 130 | $14,170 | |||||||
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
| FIFO | LIFO | AVERAGE-COST | ||||
|---|---|---|---|---|---|---|
| Ending inventory at September 30 | $enter ending inventory using First In First Out at September 30 in dollars | $enter ending inventory using Last In First Out at September 30 in dollars | $enter ending inventory using average-cost at September 30 in dollars |
Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
| FIFO | LIFO | AVERAGE-COST | ||||
|---|---|---|---|---|---|---|
| Cost of goods sold | $enter cost of goods sold using First In First Out in dollars | $enter cost of goods sold using Last In First Out in dollars | $enter cost of goods sold using average-cost in dollars |
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