Question
Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporations purchases of EZslide snowboards during September.
Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporations purchases of EZslide snowboards during September. During the same month, 94 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system.
(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 | ||
| $ | $ | $ |
(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 | ||
| $ | $ | $ |
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