Question 4 View Policies Current Attempt in Progress Blue Spruce Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blue Spruce Corp.'s purchases of EZslide snowboards during September. During the same month, 94 EZs! Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $98 $ 1,176 Sept. 12 Purchases 45 101 4.545 Sept. 19 Purchases 102 5,508 Sept. 26 Purchases 103 2,163 Totals 132 $13,392 (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 $ Question 3A View Policies Current Attempt in Progress The accounting records of Vaughn Manufacturing show the following data. Beginning inventory Purchases Sales 3,210 units at $6 7.260 units at $8 10,281 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $ per unit e Textbook and Media List of Accounts Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold $ Question 4A View Policies Current Attempt in Progress Farley Bains, an auditor with Nolls CPAs, is performing a review of Blossom Company's Inventory account. Blossom Company did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $706,310. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. Ending inventory-as reported 1. Included in the company's count were goods with a cost of $229,430 that the company is holding on consignment. The goods belong to Nader Corporation. The physical count did not include goods purchased by Blossom Company with a cost of $38,280 that were shipped FOB shipping point on December 28 and did not arrive at Blossom Company's warehouse until January 3. 3 Included in the Inventory account was $15,370 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $42,500 and a cost of $27,500. The goods were not included in the count because they were sitting on the dock. Included in the count was $52,300 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Blossom Company's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all! Correct inventory
