In: Accounting
Sheffield Corp. sells a snowboard, EZslide, that is popular with
snowboard enthusiasts. Below is information relating to Sheffield
Corp.’s purchases of EZslide snowboards during September. During
the same month, 100 EZslide snowboards were sold. Sheffield Corp.
uses a periodic inventory system.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
Sept. 1 |
Inventory |
10 |
$100 |
$ 1,000 |
||||
Sept. 12 |
Purchases |
45 |
103 |
4,635 |
||||
Sept. 19 |
Purchases |
50 |
104 |
5,200 |
||||
Sept. 26 |
Purchases |
20 |
105 |
2,100 |
||||
Totals |
125 |
$12,935 |
(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, e.g. 125.153 and final answers to 0
decimal places, e.g. 125.)
FIFO |
LIFO |
AVERAGE-COST |
||||
---|---|---|---|---|---|---|
The ending inventory at September 30 |
$Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |
(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 0
decimal places, e.g. 125.)
FIFO |
LIFO |
AVERAGE-COST |
||||
---|---|---|---|---|---|---|
Cost of goods sold |
$Enter a dollar amount | $Enter a dollar amount | $Enter a dollar amount |