Exercise 6-4

Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Companys purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		13		$104		$ 1,352
Sept. 12		Purchases		46		107		4,922
Sept. 19		Purchases		54		108		5,832
Sept. 26		Purchases		21		109		2,289
		Totals		134				$14,395

(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		$		$		$