Question

In: Accounting

Sheffield Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...

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

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