Question
Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Splish Brotherss beginning inventory and purchases of
Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Splish Brotherss beginning inventory and purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 13 | $98 | $ 1,274 | ||||
Sept. 12 | Purchases | 44 | 101 | 4,444 | ||||
Sept. 19 | Purchases | 52 | 102 | 5,304 | ||||
Sept. 26 | Purchases | 20 | 103 | 2,060 | ||||
Totals | 129 | $13,082 |
Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)
FIFO | LIFO | Average-cost | ||||
---|---|---|---|---|---|---|
The ending inventory at September 30 | $enter the ending inventory at Sepetember 30 as per FIFO amount in dollars | $enter the ending inventory at Sepetember 30 as per LIFO amount in dollars | $enter the ending inventory at Sepetember 30 as per Average-cost amount in dollars | |||
Cost of goods sold | $enter the cost of goods sold as per FIFO amount in dollars | $enter the cost of goods sold as per LIFO amount in dollars | $enter the cost of goods sold as per Average-cost amount in dollars |
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