Question 6

Teal Mountain sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Teal Mountain uses a periodic inventory system. Explanation Date Sept. 1 Units Unit Cost Total Cost 15 $120 $1,800 45 122 5,490 12 19 Inventory Purchase Purchase Purchase Total 50 124 6,200 2,500 26 125 20 130 $15.990 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST 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 Cost of goods sold