In: Accounting
Bridgeport’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Bridgeport’s purchases and sales of Xpert snowboards during September is shown below. During the same month, 224 Xpert snowboards were sold. Additional data regarding Bridgeport’s sales of Xpert snowboards are provided below. Assume that Bridgeport’s uses a perpetual inventory system.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sept. 1 |
Inventory |
48 |
$98 |
$ 4,704 |
|||||||
Sept. 12 |
Purchases |
83 |
104 |
8,632 |
|||||||
Sept. 19 |
Purchases |
37 |
107 |
3,959 |
|||||||
Sept. 26 |
Purchases |
93 |
114 |
10,602 |
|||||||
Totals |
261 |
$27,897 |
Date |
Units |
Unit Price |
Total Revenue |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Sept. 5 |
Sale |
22 |
$199 |
$4,378 |
||||||
Sept. 16 |
Sale |
93 |
199 |
18,507 |
||||||
Sept. 29 |
Sale |
109 |
209 |
22,781 |
||||||
Totals |
224 |
$45,666 |
1. How do you calculate moving average cost at Sept 1, 5, 12, 16, 19, 26 & 29. (Round answers to 2 decimal places, e.g. 1.25.)
2. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,250.)
FIFO LIFO Moving Average
Ending Inventory
3. Compute ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system?
Periodic Perpetual
Ending Inventory FIFO
Ending Inventory LIFO