Question

Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 $ 1,320 Sept. 12 Inventory Purchases 1 Purchases 1 5,085 45 60 113 114 Sept. 19 6,840 Sept. 26 Purchases 23 115 2,645 Totals $15.890 (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 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $

Answer 1

Unit Cost = 15890/140 = 114 FIFO Units Unit cost Total Cost Total Inventory (A) 140 15,890 Issued: 110 1,320 45 113 5,085 48 114 5,472 Cost of goods sold (B) 105 11,877 Ending inventory (A-B) 35 4,013 Inventory is issed for sale from the beginning inventory and so on. LIFO Units Unit cost Total Cost Total Inventory (A) 140 15,890 Issued: 115 2,645 60114 6,840 22 113 2,486 Cost of goods sold (B) 105 11,971 Ending inventory (A-B) 35 3,919 Inventory is issed for sale from the last purchase and so on. Average Cost Units Unit cost Total Cost Total Inventory (A) 140 114 1 5,890 Issued: 105 114 11,970 Cost of goods sold (B) 105 11,970 Ending inventory (A-B) 3,920 Inventory is issed for sale on the basis of average cost. 35 FIFO LIFO Average-Cost The ending inventory at a) September 30 $ 4,013 $ 3,919 $ 3,920 FIFO L IFO Average-Cost $ 11,877 $ 11,971 $ 11,970 Cost of goods sold Please give likes.