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Exercise 6-04 Sheffield Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sheffield Corp.'s purchases of EZslide snowboards
Exercise 6-04 Sheffield Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sheffield Corp.'s purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Sheffield Corp. uses a periodic inventory system. Units Unit Cost $100 10 Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases 45 103 Total Cost $ 1,000 4,635 5,200 2,100 $12,935 50 104 20 105 Totals 125 (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 0 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, e.g. 125.153 and final answers to o decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ Click if you would like to Show Work for this question: Open Show Work
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