Question
Sage Hill sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sage Hill's purchases of EZslide snowboards during
Sage Hill sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sage Hill's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Sage Hill uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $110 $1,650 12 Purchase 45 112 5,040 19 Purchase 50 114 5,700 26 Purchase 20 115 2,300 Total 130 $14,690 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 FIFO 11820 LIFO 11920 Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO Cost of goods sold $ LIFO 2870 $ 2770 $ +A AVERAGE-COST AVERAGE-COST 2825 11865
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