Question
Elsas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsas purchases and sales of Xpert snowboards during September is
Elsas Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsas purchases and sales of Xpert snowboards during September is shown below. During the same month, 298 Xpert snowboards were sold. Additional data regarding Elsas sales of Xpert snowboards are provided below. Elsas uses a perpetual inventory system.
Calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29. (Round answers to 2 decimal places, e.g. 1.25.)
Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,250.)
Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system.
Which inventory cost flow method (FIFO, LIFO) gives the same ending inventory value under both periodic and perpetual?
Which method gives different ending inventory values?
please include all answers and calculations. thank you
Date Sept. 1 Sept. 12 Purchases 111 Sept. 19 Purchases Sept. 26 Purchases 123 Unit Cost $102 103 108 110 Explanation Units Total Cost $6,528 11,433 5,292 13,530 $36,783 Inventory 64 49 Totals 347 Unit Price 30 $199 199 210 Total Units Date Sept. 5 Sept. 16 Sept. 29 Sale Sale Sale 123 145 298 Revenue $5,970 24,477 30,450 $60,897 TotalsStep by Step Solution
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