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Question 1 Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company's purchases of EZslide snowboards
Question 1 Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company's purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system Units 12 45 Explanation Inventory Purchases Purchases Purchases Totals Date Unit Cost Total Cost Sept. 1 Sept. 12 Sept. 19 Sept. 26 $106 109 110 $ 1,272 4,905 6,050 2,331 $14,558 21 133 (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, e.g 125.153 and final answers to 0 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 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold
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