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Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp.'s purchases of EZslide snowboards during September.
Sarasota Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sarasota Corp.'s purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Sarasota Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $105 $ 1,575 Sept. 12 Purchases 47 108 5,076 Sept. 19 Purchases 52 109 5,668 Sept. 26 Purchases 22 110 2,420 Totals 136 $14,739 (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 $ $ $
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