Question

Current Attempt in Progress Oriole Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Oriole Company's purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Oriole Company uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Units 14 48 Unit Cost $102 105 Explanation Inventory Purchases Purchases Purchases Totals Total Cost $1,428 5,040 5,300 2.461 $14,229 50 106 107 23 135 (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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $ $ $ $ (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 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $ $ $ e Textbook and Media

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance	14	102	1428	14	102	1428
Purchasse
Sep-12	48	105	5040	48	105	5040
19-Sep	50	106	5300	47	106	4982	3	106	318
26-Sep	23	107	2461				23	107	2461
TOTAL	135		14229	109		11450	26		2779
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance	14	102	1428				14	102	1428
Purchasse
Sep-12	48	105	5040	36	105	3780	12	105	1260
19-Sep	50	106	5300	50	106	5300
26-Sep	23	107	2461	23	107	2461
TOTAL	135		14229	109		11541	26		2688
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance	14	102	1428
Purchasse
Sep-12	48	105	5040
19-Sep	50	106	5300
26-Sep	23	107	2461
TOTAL	135	105.4	14229	109	105.4	11489	26	105.4	2740
Req a.
			FIFO	LIFO	Average
Ending inventory		2779	2688	2740
Req b.
			FIFO	LIFO	Average
Cost of goods sold		11450	11541	11489