Question
Larkspur sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Larkspurs purchases of EZslide snowboards during September. During the
Larkspur sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Larkspurs purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Larkspur uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | |||||
---|---|---|---|---|---|---|---|---|---|
Sept. | 1 | Inventory | 15 | $82 | $1,230 | ||||
12 | Purchase | 45 | 84 | 3,780 | |||||
19 | Purchase | 50 | 86 | 4,300 | |||||
26 | Purchase | 20 | 87 | 1,740 | |||||
Total | 130 | $11,050 |
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Ending inventory at September 30 | $enter ending inventory using First In First Out at September 30 in dollars | $enter ending inventory using Last In First Out at September 30 in dollars | $enter ending inventory using average-cost at September 30 in dollars |
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 | $enter cost of goods sold using First In First Out in dollars | $enter cost of goods sold using Last In First Out in dollars | $enter cost of goods sold using average-cost in dollars |
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