Question
Current Attempt in Progress Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlocks beginning inventory and
Current Attempt in Progress
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Metlocks beginning inventory and purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Metlock uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 12 | $81 | $ 972 | ||||
Sept. 12 | Purchases | 43 | 84 | 3,612 | ||||
Sept. 19 | Purchases | 51 | 85 | 4,335 | ||||
Sept. 26 | Purchases | 18 | 86 | 1,548 | ||||
Totals | 124 | $10,467 |
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. 5,125.)
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