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Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Inc.s purchases of EZslide snowboards during September.

Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Inc.s purchases of EZslide snowboards during September. During the same month, 110 EZslide snowboards were sold. Kingbird, Inc. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1

Inventory

11

$110

$ 1,210

Sept. 12

Purchases

53

113

5,989

Sept. 19

Purchases

55

114

6,270

Sept. 26

Purchases

25

115

2,875

Totals

144

$16,344

(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

$Enter a dollar amount $Enter a dollar amount $Enter a dollar amount

(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

$Enter a dollar amount $Enter a dollar amount $Enter a dollar amount

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