Question

urd CuSLUIT View Policies Current Attempt in Progress ration newboard, slide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation's purchases of bords during September. During the same month, 107 EZslide snowboards were sold, Flint Corporation uses a periodic inventory system De t Total Cost planation Units Unit Cost Sept 1 Inventory 13 $ 1.430 5,537 - $110 113 114 115 Sept. 12 Sept. 19 Sept. 26 6,012 Purchases Purchases Purchases 2,300 Totals $15,309 Compute the ending Inventory at September 30 using the FIFO, LIFO and average cost methods. (Round average cost per unit to 3 decimal places, 4.125.153 and final answers to O decimal places, s. 125.) AVERAGE-COST FIFO LIFO The ending inventory at September 30 $ 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. 4.125.153 and final answers to decimal places, s. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ Teacthook and Media

Answer 1

A. Total units available for sale = 135

B. Total units sold = 107

Endings units (a-b)= 135-107= 28

A. FIFO ( earlier purchase sold first )

Ending inventory September 30= 20*115+ 8*114= 2300+ 912

= 3212

.cost of goods sold=Total cost - Ending inventory value = 15309-3212=12097

Note : above same formula used for below calculation

B. LIFO (latest purchase sold first)

Ending inventory value = 13*110+ 15*113

= 1430+ 1695=3125

Cost of goods sold= 15309-3125=12184

C. Average cost method

Weighted average cost per unit = Total cost /Total units

=15309/135= 113.400

Ending inventory value = Weighted average cost per unit * Ending units

= 113.40*28=3175.200 or 3175

Cost of goods sold= 15309-3175= 12133.800 or 12134