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Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation's purchases of EZslide snowboards during September.
Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation's purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $ 1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 6,042 114 115 Sept. 26 Purchases 20 2,300 Totals 135 $15,309 _135 (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 $
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