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Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Incs purchases of EZslide snowboards during September.
Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird, Incs 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 $110 $ 1,210 Sept. 12 Purchases 53 113 5,989 Sept. 19 Purchases 114 6,270 Sept. 26 Purchases 115 2,875 e 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 (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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