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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, 95 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Units Explanation Inventory Purchases Purchases Purchases Totals Unit Cost Total Cost 13 46 47 20 126 $102 105 106 107 1,326 4,830 4,982 2,140 $13,278 (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 3306 3216 3267 (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 3306 3216 3266
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