Question 3

Novak Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Novak Corp.'s purchases of EZslide snowboards during September. During the same month, 97 EZslide snowboards were sold. Novak Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $97 $ 1.067 Sept. 12 Purchases 100 4,400 Sept. 19 Purchases 101 4,747 Sept. 26 Purchases 102 2,244 Totals _124 $12,458 (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 $