Question

Pharoah sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Pharoah’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Pharoah uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		13		$91		$ 1,183
Sept. 12		Purchases		47		94		4,418
Sept. 19		Purchases		52		95		4,940
Sept. 26		Purchases		19		96		1,824
		Totals		131				$12,365

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

Answer 1

FIFO Method

	Units	Rate	Amount
Sale from beginning inventory	13	$   91	$   1,183
Sale from Sep 12th purchase	47	$   94	$   4,418
Sale from Sep 19th purchase	44	$   95	$   4,180
Cost of goods sold FIFO	104		$   9,781

	Units	Rate	Amount
Balance from Sep 19 purchase	8	$   95	$      760
Balance from Sep 26 purchase	19	$   96	$   1,824
Ending inventory FIFO	27		$   2,584

LIFO Method

	Units	Rate	Amount
Sale from Sep 26 purchase	19	$   96	$   1,824
Sale from Sep 19 purchase	52	95	$   4,940
Sale from Sep 12 purchase	33	$   94	$   3,102
Cost of goods sold LIFO	104		$   9,866

	Units	Rate	Amount
Balance from Beginning inventory	13	$   91	$   1,183
Balance from Sep 12 purchase	14	$   94	$   1,316
Ending inventory LIFO	27		$   2,499

Weighted Average Method

Number of units available for sale	131
Cost of goods available for sale	$   12,365
Weighted average cost per unit ($12,365/131)	$   94.389

Cost of goods sold = 104*$94.389

Cost of goods sold = $9,816

Ending inventory = 27*$94.389

Ending inventory = $2,549

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