Pronghorn Corp sells a snowboard, EZslide, that is popular with
snowboard enthusiasts. Below is information relating to Pronghorn
Corp’s purchases of EZslide snowboards during September. During the
same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a
periodic inventory system.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
Sept. 1 |
Inventory |
13 |
$115 |
$ 1,495 |
||||
Sept. 12 |
Purchases |
49 |
118 |
5,782 |
||||
Sept. 19 |
Purchases |
54 |
119 |
6,426 |
||||
Sept. 26 |
Purchases |
24 |
120 |
2,880 |
||||
Totals |
140 |
$16,583 |
(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 |
(a) FIFO From Sep 19 purchases - 16 X 119 = 1,904 From Sep 26 purchases - 24 X 120 = 2,880 Total $ 4,784 |
LIFO From Sep 12 purchases - 27 X 118 = 3,186 From Opening 13 X 115 = 1,495 Total $ 4,681 |
Average
Cost Average is 16,583 / 140 = $ 118.45 Closing is 40 X 118.45 = $ 4,738 |
(b) Cost of Goods Sold = Opening + Purchases - Closing = 1,495 + 15,088 - 4,784 = $ 11,799 |
(b) Cost of Goods Sold = Opening + Purchases - Closing = 1,495 + 15,088 - 4,681 = $ 11,902 |
(b) Cost of Goods Sold = Opening + Purchases - Closing = 1,495 + 15,088 - 4,738 = $ 11,845 |
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating...
Pronghorn Corp sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pronghorn Corp's purchases of EZslide snowboards during September. During the same month, 100 EZslide snowboards were sold. Pronghorn Corp uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory $115 $ 1,495 Sept. 12 Purchases 118 5,782 Sept. 19 Purchases 54 1196,426 Sept. 26 Purchases 24 120 2,880 Totals $16,583 (a) Compute the ending inventory at September 30...
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