Question
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlocks purchases of EZslide snowboards during September. During the
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlocks purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | |||||
---|---|---|---|---|---|---|---|---|---|
Sept. | 1 | Inventory | 15 | $108 | $1,620 | ||||
12 | Purchase | 45 | 110 | 4,950 | |||||
19 | Purchase | 50 | 112 | 5,600 | |||||
26 | Purchase | 20 | 113 | 2,260 | |||||
Total | 130 | $14,430 |
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods
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---|---|---|---|---|---|---|
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 |
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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 |
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