Exercise 6.5 (this is also in your book). Mather sells a snowboard popular with snowboard enthusiasts. Mather's beginning inventory and purchases of snowboards during SEPT are below. During the same month, 102 snowboards were sold. Mather uses a periodic inventory system. Total Cost Date Explanaton Units Unit Cost Sept 01 Sept 12 Beginning INV Purchase 12 $100 1,200 45 103 4,635 Sept 19 Purchase 50 104 5,200 Sept 26 Purchase 20 105 2,100 Totals 127 13,135 Instructions Using the above figures, calculate the ending inventory at SEPT 30 and the Cost of Goods Sold using the FIFO, LIFO, and Average cost methods. (Note: round weighted- average unit cost to three decimal places.) FIFO Date Ending Inventory Calculation Units Unit Cost Total Cost Cost of Goods Sold Cost of Goods Avail for Sale 13,135 Less: Ending Inventory 25 Cost of Goods Sold Instructor Notes: 127 units could have been sold. But 102 units were sold. So. END INV is 25 units (127-102). Calculate the END INV SS before you calculate CGS (cost of goods sold). Using "First In" means END INV (the 25 units) is made up of the newest units (last purchase date) as in... 20 units of last purchase PLUS 5 units from prior purchase. TO PROVE IT: In FIFO the 102 units sold must consist of the 12 oldest units (they are "first in" the INV) so 102-12 beg inv 90 units). 90-45 units (prior purchase)=45 units left to account for. 45-45 from next prior purchase (which will leave 5 for the ending inventory LIFO Date Ending Inventory Calculation Units 25 Unit Cost Total Cost Cost of Goods Sold Cost of Gds Avail for Sale 13,135 Less: Ending Inventory Cost of Goods Sold Weighted Average Unit Cost Calculation Total Cost Total Units Wid-Avg Unit Cost (to 3 decimal places) WEIGHTED AVERAGE End Inv x Unit Cost- Cost of Gds Avail for Sale Less: Ending Inventory Cost of Goods Sold 13,135