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Cullumber sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cullumber's purchases of EZslide snowboards during September. During
Cullumber sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cullumber's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Cullumber uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost |
Sept. 1 | Inventory | 11 | $111 | $1,221 |
Sept. 12 | Purchases | 47 | 114 | 5,358 |
Sept. 19 | Purchases | 49 | 115 | 5,635 |
Sept. 26 | Purchases | 21 | 116 | 2,436 |
Totals | 128 | $14,650 |
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places =, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,123.
FIFO | LIFO | Average-cost | |
The ending inventory at September 30 | $ | $ | $ |
Cost of goods sold | $ | $ | $ |
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