Question
Teal Mountain Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain Inc.s purchases of EZslide snowboards
Teal Mountain Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Teal Mountain Inc.s purchases of EZslide snowboards during September. During the same month, 110 EZslide snowboards were sold.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
Sept. 1 | Inventory | 13 | $ 107 | $ 1,391 | ||||
Sept. 12 | Purchases | 45 | 110 | 4,950 | ||||
Sept. 19 | Purchases | 58 | 111 | 6,438 | ||||
Sept. 26 | Purchases | 23 | 112 | 2,576 | ||||
Totals | 139 | $ 15,355 |
Additional data regarding the companys sales of EZslide snowboards are provided below. Assume that Teal Mountain Inc. uses a perpetual inventory system.
Date | Units | |||
---|---|---|---|---|
Sept. 5 | Sale | 8 | ||
Sept. 16 | Sale | 48 | ||
Sept. 29 | Sale | 54 | ||
Totals | 110 |
(a)
Correct answer icon
Your answer is correct.
Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)
September 1 | $ enter a dollar amount | |
---|---|---|
September 5 | $ enter a dollar amount | |
September 12 | $ enter a dollar amount | |
September 16 | $ enter a dollar amount | |
September 19 | $ enter a dollar amount | |
September 26 | $ enter a dollar amount | |
September 29 | $ enter a dollar amount |
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Question Part Score
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(b)
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 | $ enter a dollar amount | $ enter a dollar amount | $ enter a dollar amount |
I only need the answers and work for Part B
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