Question
Oriole sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Orioles beginning inventory and purchases of EZslide snowboards
Oriole sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Orioles beginning inventory and purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Oriole uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 12 | $114 | $ 1,368 | ||||
Sept. 12 | Purchases | 43 | 117 | 5,031 | ||||
Sept. 19 | Purchases | 49 | 118 | 5,782 | ||||
Sept. 26 | Purchases | 18 | 119 | 2,142 | ||||
Totals | 122 | $14,323 |
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods
The ending inventory at September 30: FIFO: LIFO: Average cost:
Cost of goods sold: FIFO: LIFO: Average cost:
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