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Sarasota's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases and sales of Xpert snowboards during September is
Sarasota's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases and sales of Xpert snowboards during September is shown below. During the same month, 266 Xpert snowboards were sold. Additional data regarding Sarasota's sales of Xpert snowboards are provided below. Assume that Sarasota's uses a perpetual inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 57 99 44 Unit Cost $97 105 106 Total Cost $ 5,529 10.395 4,664 12.540 $33,128 110 114 310 Date Sept. 5 Sept. 16 Sept. 29 Sale Sale Sale Totals Units 26 110 130 266 Unit Price $199 199 209 Total Revenue $5.174 21.890 27.170 $54,234 Calculate moving average cost at Sept 1, 5, 12, 16, 19,26 & 29. (Round answers to 2 decimal places, e.g. 1.25.) September 1 $ $ September 5 $ September 12 $ September 16 $ September 19 September 26 $ $ $ September 29 Compute ending inventory at September 30 using FIFO, LIFO, and moving average cost. (Round average-cost per unit to 2 decimal places, eg. 12.50 and final answer to decimal places, e.g. 1,250.) FIFO LIFO MOVING-AVERAGE COST $ The ending inventory $ $ $ $ eTextbook and Media Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to decimal places, e.g. 1,250.) Periodic Perpetual Ending Inventory FIFO $ $ Ending Inventory LIFO $ $ e Textbook and Media Which inventory cost flow method (FIFO, LIFO) gives the same ending inventory value under both periodic and perpetual? Which method gives different ending inventory values? e Textbook and Media
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