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Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marin's purchases of EZslide snowboards during September. During the
Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marin's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Marin uses a periodic inventory system. Date Units Unit Cost $128 Sept. Explanation Inventory Purchase 1 15 12 45 130 Total Cost $1,920 5,850 6,600 2,660 $17,030 19 50 132 Purchase Purchase 26 20 133 Total 130 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST Ending inventory at September 30 $ 9260 $ 8510 $ 8885 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 $ 5850 $ 2660 $ 4257.5
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