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Current Attempt in Progress Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of
Current Attempt in Progress Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system. Date Units Unit Cost Total Cost Explanation Inventory Purchases 13 $115 49 118 Sept. 1 Sept. 12 Sept. 19 Sept. 26 $ 1,495 5,782 6,426 2,880 54 Purchases Purchases 119 120 24 Totals 140 $16,583 (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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ 3000 $ 2865 2961.25 (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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $
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