Question
Sheffield Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sheffield Corp.s purchases of EZslide snowboards during September.
Sheffield Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sheffield Corp.s purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 10 | $100 | $1000 | ||||
Sept. 12 | Purchases | 47 | 103 | 4841 | ||||
Sept. 19 | Purchases | 49 | 104 | 5096 | ||||
Sept. 26 | Purchases | 25 | 105 | 2625 | ||||
Totals | 131 | $13562 |
Additional data regarding the companys sales of EZslide snowboards are provided below. Assume that Sheffield Corp. uses a perpetual inventory system.
Date | Units | |||
---|---|---|---|---|
Sept. 5 | Sale | 7 | ||
Sept. 16 | Sale | 49 | ||
Sept. 29 | Sale | 45 | ||
Totals | 101 |
Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)
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. (Round answers to 0 decimal places, e.g. 125.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $ | $ | $ |
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