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Exercise 6-4 Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.s purchases of

Exercise 6-4

Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.s purchases of EZslide snowboards during September. During the same month, 94 EZslide snowboards were sold. Blue Spruce Corp. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1 Inventory

12

$98

$ 1,176

Sept. 12 Purchases

45

101

4,545

Sept. 19 Purchases

54

102

5,508

Sept. 26 Purchases

21

103

2,163

Totals

132

$13,392

(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 $

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$

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$

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(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 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

Cost of goods sold $

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$

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$

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