Question

Indigo Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Indigo Corporation’s purchases of EZslide snowboards during September. During the same month, 109 EZslide snowboards were sold. Indigo Corporation uses a periodic inventory system.

Date		Explanation		Units		Unit Cost		Total Cost
Sept. 1		Inventory		12		$105		$ 1,260
Sept. 12		Purchases		50		108		5,400
Sept. 19		Purchases		57		109		6,213
Sept. 26		Purchases		21		110		2,310
		Totals		140				$15,183

(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

Answer 1

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Indigo Corporation
Periodic FIFO
Date	Cost of Goods available for sale			Cost of Goods sold			Ending Inventory
	No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Ending Inventory
1-Sep	12.00	105.00	1,260.00	12.00	105.00	1,260.00	-	105.00	-
12-Sep	50.00	108.00	5,400.00	50.00	108.00	5,400.00	-	108.00	-
19-Sep	57.00	109.00	6,213.00	47.00	109.00	5,123.00	10.00	109.00	1,090.00
26-Sep	21.00	110.00	2,310.00			-	21.00	110.00	2,310.00
Total	140.00		15,183.00	109.00		11,783.00	31.00		3,400.00
Periodic LIFO
Date	Cost of Goods available for sale			Cost of Goods sold			Ending Inventory
	No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Ending Inventory
1-Sep	12.00	105.00	1,260.00		105.00	-	12.00	105.00	1,260.00
12-Sep	50.00	108.00	5,400.00	31.00	108.00	3,348.00	19.00	108.00	2,052.00
19-Sep	57.00	109.00	6,213.00	57.00	109.00	6,213.00	-	109.00	-
26-Sep	21.00	110.00	2,310.00	21.00	110.00	2,310.00	-	110.00	-
Total	140.00		15,183.00	109.00		11,871.00	31.00		3,312.00
Periodic Weighted Average
Date
	No. of Units	Cost per unit	Amount
1-Sep	12.00	105.00	1,260.00
12-Sep	50.00	108.00	5,400.00
19-Sep	57.00	109.00	6,213.00
26-Sep	21.00	110.00	2,310.00
Total	140.00		15,183.00
Cost per unit		108.45
Number of units sold		109.00
Cost of Goods sold		11,821.05
Ending Inventory		3,361.95
Answer a
	FIFO	LIFO	Weighted Average
Ending Inventory at September 30	3,400.00	3,312.00	3,361.95
Answer b
	FIFO	LIFO	Weighted Average
Cost of Goods sold at September 30	11,783.00	11,871.00	11,821.05