Question

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, 101 EZslide snowboards were sold.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		10		$100		$1000
Sept. 12		Purchases		47		103		4841
Sept. 19		Purchases		49		104		5096
Sept. 26		Purchases		25		105		2625
		Totals		131				$13562

Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Sheffield Corp. uses a perpetual inventory system.

Date				Units
Sept. 5		Sale		7
Sept. 16		Sale		49
Sept. 29		Sale		45
		Totals		101

Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)

September 1		$
September 5		$
September 12		$
September 16		$
September 19		$
September 26		$
September 29		$

Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$		$		$

Answer 1