Exercise 6-17

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,208Xpert snowboards were sold. Additional data regarding Elsas sales of Xpert snowboards are provided below. Elsas uses a perpetual inventory system.

Date	Explanation	Units	Unit Cost	Total Cost
Sept. 1	Inventory	45	$101	$4,545
Sept. 12	Purchases	77	104	8,008
Sept. 19	Purchases	34	109	3,706
Sept. 26	Purchases	86	114	9,804
Totals	242	$26,063

Date

Units

Unit Price

Total Revenue

Sept. 5 Sale 21

$195

$4,095

Sept. 16 Sale 86

195

16,770

Sept. 29 Sale 101

210

21,210

Totals 208

$42,075

Calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29.

Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost.

Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system.