Question
Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbirds purchases of EZslide snowboards during September. During the
Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbirds purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | |||||
---|---|---|---|---|---|---|---|---|---|
Sept. | 1 | Inventory | 15 | $124 | $1,860 | ||||
12 | Purchase | 45 | 126 | 5,670 | |||||
19 | Purchase | 50 | 128 | 6,400 | |||||
26 | Purchase | 20 | 129 | 2,580 | |||||
Total | 130 | $16,510 |
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Ending inventory at September 30 |
Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Cost of goods sold |
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