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Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp's purchases of EZslide snowboards during September.
Martinez Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Martinez Corp's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Martinez Corp. uses a periodic inventory system. Date Sept 1 Sept. 12 Sept 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 15 46 54 Unit Cost $106 109 110 Total Cost $ 1,590 5,014 5,940 2,331 $14,875 21 111 136 (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, eg. 125.153 and final answers to 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 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $
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