Question
Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brotherss purchases of EZslide snowboards during September.
Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brotherss purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | |||||
---|---|---|---|---|---|---|---|---|---|
Sept. | 1 | Inventory | 15 | $94 | $1,410 | ||||
12 | Purchase | 45 | 96 | 4,320 | |||||
19 | Purchase | 50 | 98 | 4,900 | |||||
26 | Purchase | 20 | 99 | 1,980 | |||||
Total | 130 | $12,610 |
Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Ending inventory at September 30 | $enter ending inventory using First In First Out at September 30 in dollars | $enter ending inventory using Last In First Out at September 30 in dollars | $enter ending inventory using average-cost at September 30 in dollars |
Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
Cost of goods sold | $enter cost of goods sold using First In First Out in dollars | $enter cost of goods sold using Last In First Out in dollars | $enter cost of goods sold using average-cost in dollars |
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