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Sage Hill Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sage Hill Inc.'s purchases of EZslide snowboards
Sage Hill Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sage Hill Inc.'s purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Sage Hill Inc. uses a periodic inventory system. Units Date Explanation Unit Cost Total Cost $110 Sept. 1 Inventory 15 $1,650 Sept. 12 Purchases 48 113 5,424 Sept. 19 Purchases 53 114 6,042 Sept. 26 Purchases 24 115 2,760 $15,876 Totals 140 (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.) LIFO FIFO 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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