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		$		$		$

(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		$		$		$