Question

Pina Colada sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Pina Colada’s purchases of EZslide snowboards during September. During the same month, 99 EZslide snowboards were sold. Pina Colada uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		11		$84		$ 924
Sept. 12		Purchases		46		87		4,002
Sept. 19		Purchases		50		88		4,400
Sept. 26		Purchases		18		89		1,602
		Totals		125				$10,928

Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods.

Answer 1

		FIFO	LIFO	Average
a.	Ending Inventory	$                 2,306	$                 2,229	$            2,273
b.	Cost of goods sold	$                 8,622	$                 8,699	$            8,655

Workings:

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