Question

Sarasota's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sarasota's purchases and sales of Xpert snowboards during September is shown below. During the same month, 266 Xpert snowboards were sold. Additional data regarding Sarasota's sales of Xpert snowboards are provided below. Assume that Sarasota's uses a perpetual inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Inventory Purchases Purchases Purchases Totals Units 57 99 44 Unit Cost $97 105 106 Total Cost $ 5,529 10.395 4,664 12.540 $33,128 110 114 310 Date Sept. 5 Sept. 16 Sept. 29 Sale Sale Sale Totals Units 26 110 130 266 Unit Price $199 199 209 Total Revenue $5.174 21.890 27.170 $54,234 Calculate moving average cost at Sept 1, 5, 12, 16, 19,26 & 29. (Round answers to 2 decimal places, e.g. 1.25.) September 1 $ $ September 5 $ September 12 $ September 16 $ September 19 September 26 $ $ $ September 29

Answer 1

Answers: Moving Average cost 97 97 Sep-01 Sep-05 Sep-12 Sep-16 Sep-19 Sep-26 Sep-29 103.09 103.09 105.09 110.72 110.72 FIFO LIFO 4484 Moving Average 4872 Ending Inventory 5016 Ending Inventory FIFO Ending Inventory LIFO Periodic Perpetual 5016 5016 4268 4484 FIFO Method gives same Ending Inventory LIFO Method gives different ending inventory


Sarasota's Boards FIFO Periodic Cost of goods sold Units Per unit cost Total Cost Units Moving Average Perpetual Purchase Date Units Per unit cost Total Cost Sep-01 Sep-05 Sep-12 99 105 10395 57 31 Total Cost 5529 26 97 Per unit cost 97 105 2522 31 10395 Balance Per unit cost Total Cost 97 5529 97 3007 97 3007 105 10395 103.09 13402 103.09 2062 103.09 2062 106 4664 99 Cost of Goods sold Date Units Sep-01 57 Sep-12 99 Sep-19 44 Sep-26 110 310 -44 266 106 4664 130 114 12540 110 103.09 11340 20 Sep-16 Sep-19 33128 -5016 44 106 4664 20 44 COGS 28112 64 105.09 Sep-26 110 114 12540 64 105.09 6726 6726 12540 19266 110 Total Cost 114 110.72 Closing Stock Date Units Sep-26 44 44 Per unit cost 114 174 5016 130 110.72 14394 44 110.72 4872 5016 Sep-29 Sep-30 44 111 4872 LIFO Perpetual Purchases 27599 COGS 28256 Ending 4872 FFO Perpetual Per unit cost 97 Purchase Per unit cost Total Cost Total Cost 5529 10395 Cost of Goods sold Date Units Sep-01 57 Sep-12 99 Sep-19 44 Sep-26 110 Units 105 Cost of goods sold Units Per unit cost Total Cost Units 57 26 97 2522 31 Date Sep-01 Sep-05 Sep-12 106 Balance Per unit cost Total Cost 97 5529 97 3007 97 3007 105 10395 4664 12540 114 99 105 10395 31 310 33128 -4268 99 44 Sep-16 31 97 3007 20 105 2100 354 COGS 28860 79 105 8295 Sep-19 44 106 4664 20 105 2100 44 106 4664 Closing Stock Date Units Sep-01 44 Per unit cost Total Cost Sep-26 110 114 12540 20 105 2100 97 4268 44 106 4664 44 4268 110 114 12540 5016 Sep-29 20 105 2100 44 114 FIFO Method gives same Ending Inventory LIFO Method gives different ending inventory 44 4664 106 114 66 7524 Sep-30 44 114 5016 Purchases 27599 COGS 28112 Ending 5016 LIFO Perpetual Purchase Per unit cost Total Cost Cost of goods sold Units Per unit cost Total Cost Units Units 57 Date Sep-01 Sep-05 Sep-12 26 97 2522 31 Balance Per unit cost Total Cost 97 5529 97 3007 97 3007 105 10395 97 1940 99 105 10395 31 99 Sep-16 99 105 10395 20 11 97 1067 Sep-19 44 106 4664 20 97 1940 44 106 4664 1940 Sep-26 110 114 12540 20 97 44 106 4664 12540 110 114 Sep-29 110 114 12540 20 97 1940 2544 20 106 2120 24 106 Sep-30 20 97 1940 24 106 2544 Purchases 27599 27599 COGS 28644 Ending 4484