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Flint Corporation sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Flint Corporation’s purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Flint Corporation uses a periodic inventory system.
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
---|---|---|---|---|---|---|---|---|
Sept. 1 |
Inventory |
13 |
$110 |
$ 1,430 |
||||
Sept. 12 |
Purchases |
49 |
113 |
5,537 |
||||
Sept. 19 |
Purchases |
53 |
114 |
6,042 |
||||
Sept. 26 |
Purchases |
20 |
115 |
2,300 |
||||
Totals |
135 |
$15,309 |
(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 |
Units in ending inventory = Units available for sale - Units sold = 135 - 107 = 28 units
Average cost per unit = Total cost/Total units available
= 15,039/135 = 113.40 per unit
A)
FIFO | LIFO | AVERAGE COST | |
Ending inventory |
= (20*115) + (28-20)*114 = 3212 |
= (13*110) + (28-13)*113 = 3125 |
= (113.40*28) = 3175 |
B)
FIFO | LIFO | AVERAGE COST | |
Cost of Goods Sold |
= (13*110)+(49*113)+(45*114) = 12,097 |
= (20*115)+(53*114)+(34*113) = 12,184 |
= (107*113.40) = 12,133 |
.
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Your answer is partially correct. Try again. Flint Corporation sells a snowboard, EZslide, that is popular...
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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
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Purchases
50
108
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Purchases
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109
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110
2,310
Totals
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Date
Explanation
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Unit Cost
Total Cost
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