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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp's purchases of EZslide snowboards during September.
Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp's purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Explanation Units Unit Cost Total Cost Sept. 1 Inventory $110 $ 1,540 Sept. 12 Purchases 113 5,650 Sept. 19 Purchases 114 6,156 Sept. 26 Purchases 2,530 Totals $15,876 (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, eg, 125,153 and final answers to decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ (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, eg. 125.153 and final answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $
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