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Waterway Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Waterway Corp's purchases of EZslide snowboards during September.
Waterway Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Waterway Corp's purchases of EZslide snowboards during September. During the same month, 108 EZslide snowboards were sold. Waterway Corp. uses a periodic inventory system. Date Sept 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 10 53 54 23 140 Unit Cost $110 113 114 115 Total Cost $1,100 5,989 6,156 2,645 $15,890 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ TA $ $ $ TA
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